PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed that its second industry loss estimate for Cyclone Gabrielle stands at NZS1,925m ($1,210m).
The government has announced a flood and cyclone recovery package of around NZ$1bn ($625m) as part of Budget 2023 that covers the basics of rebuilding roads, rail and schools while preparing for future events with a big investment in flood protection measures.
Insurance Advisernet (IAN), a broking network with over 250 insurance advice practices across Australia and New Zealand, says that insurance premiums do not simply increase to make insurers more money.
The industry loss estimate for the floods across the North Island of New Zealand which occurred during the period of 27 January to 2 February 2023 stands at NZ$1,754m ($1,099m), says PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
New Zealand's Cyclone Recovery Minister has outlined three categorisations of property in areas affected by the severe weather events earlier this year. The three categories range from damaged properties needing simple repairs to those which would never be rebuilt again.
Vehicle theft claims soared to new highs in 2022, up 43% on the previous year. This is a growing trend, despite a COVID-related dip in 2020, according to the latest data from insurance company AMI.
Australian specialty insurance group Pop Group Holdings (POP) has received its first external strategic minority investment from New Zealand-based private equity fund Direct Capital.
Fire and Emergency New Zealand (FENZ), the national firefighting and emergency services agency, has proposed to increase the transitional levy that provides almost 100% of its funding.
The New Zealand property insurance market is anticipated to further harden in 2023, while most other classes of insurance remain in moderate cycles, according to Aon New Zealand in its "March 2023 NZ Insurance Market Insights".
New Zealanders' attitudes to managing risk are changing, with levels of insurance up from 2022 and recent weather events prompting many people to think more about their financial situations, according to early data from the Financial Services Council's (FSC) "2023 Financial Resilience Index" research report.