The initial industry loss estimate for Cyclone Gabrielle is NZ$1,543m ($963m), based on loss data collected from the New Zealand insurance market, says PERILS, the independent Zurich-based organisation that provides industry-wide catastrophe insurance data.
The Reserve Bank of New Zealand (RBNZ) yesterday released a draft Guidance on how entities can manage climate-related risks within their broader risk management framework. It has launched a consultation on the proposed Guidance.
AIA New Zealand has announced an enhancement to its post-claim recovery programme through a range of support options meant to increase customers' ability to get back to normalcy post-claims.
Claims numbers from the the Auckland Anniversary Flood and Cyclone Gabrielle events will be somewhere in the vicinity of the claim volume experienced from the Canterbury Earthquakes, according to Mr Mark Jones, chief broking officer of the Crombie Lockwood, one of New Zealand's leading insurance broking companies.
Provisional general insurance claims data for Cyclone Gabrielle, released by the Insurance Council of New Zealand (ICNZ) show that over 40,000 claims have been recorded to date, worth around NZ$890m ($557m).
Honan Insurance Group (Honan), one of Australia and New Zealand's fastest-growing brokers, has boosted its service capability and reach in the New Zealand market through the acquisition of established general brokerage, Certus Insurance Brokers (CIBNZ).
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has stated that the floods in North Island in New Zealand, during the period of 27 January to 2 February 2023, have led to the costliest weather event for the region's insurance industry to date.
Two insurance protection gaps, identified by the Global Federation of Insurance Associations (GFIA), are of particular concern for New Zealand in the area of general insurance, says the Insurance Council of New Zealand.
New Zealand life insurers' profitability is set to improve modestly over the next 12 months. Sound underwriting practices, scale efficiencies, and premium-rate rises across all lines will drive the gains, according to S&P Global Ratings (S&P).
P&C insurers are set to face higher claims due to multiple sizable natural catastrophes in New Zealand according to S&P Global Ratings report, 'New Zealand Insurance Outlook: Disaster-Hit P/C Diverges from Life and Health'.