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'.
P&C insurance companies are set to face higher claims due to multiple sizeable natural catastrophes, according to S&P Global Ratings (S&P). In contrast, the life and health peers are likely to grow steadily and generate at least modest profit.
Insurers have paid around NZ$111m ($69m) for the Auckland Anniversary Weekend flood event that started on 27 January 2023, according to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ).
AIA NZ has launched a new brand campaign called "Start Thriving", which reframes its life and health insurance products from protection to action. The campaign launched with new advertisements for AIA Vitality that encouraged customers to make small changes to live life better.
Businesses in New Zealand will need to think afresh about D&O insurance as after five years of significant disruption, there are now signs of a market reset from offshore with new market forces and changes in the offing according to a new report.
The New Zealand government has established a Cabinet committee and regional ministerial leads to help coordinate the Central Government response and recovery from Cyclone Gabrielle, Prime Minister Chris Hipkins announced.
The recent catastrophic extreme weather events in New Zealand could be an opportunity to build back better according to the Insurance Council of New Zealand (ICNZ).