AIA NZ has announced a collaboration with Smartshares, an investment funds manager in New Zealand and a subsidiary of NZX, to ensure a seamless and cost-efficient transition of the insurer's $500 million unit-linked policy portfolio into SuperLife funds.
In New Zealand vehicle insurance is the number one thing that people complain about to the Insurance & Financial Services Ombudsman Scheme (IFSOS). Vehicle insurance complaints constituted 23% of all complaints the IFSOS investigated in the past year.
Insurers have so far paid out NZ$2.053bn ($1.22bn) of a newly updated estimate of the cost of general insurance claims for the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle of $3.5bn across 112,812 claims.
London-headquartered specialist insurance broker Howden has announced that it has successfully completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex), effective 31 August 2023.
The current agriculture reinsurance market in New Zealand is perhaps the toughest it has been in many years, driven by accelerating climate related losses.
Financial service organisations in New Zealand acknowledge climate related risks and their impact on the organisations, however, the activity on tackling and mitigating these risks is limited to a large extent according to a new survey.
The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) have observed a variety of governance practices in their first joint cross-sector thematic review of regulated entities' governance practices; a number of good practices, as well as some that were below their expectations.
The Financial Services Council (FSC) of New Zealand has launched its inaugural policy platform, "Blueprint for Growth", which aims to help lead, guide and shape the policy debates that matter in relation to growing the financial confidence and wellbeing of all New Zealanders.
Insurers, banks and non-bank deposit takers view climate change as already compounding a range of business risks and expect this will increase in the future, according to the results of a survey conducted recently by the Reserve Bank of New Zealand (RBNZ).
New research released by Vero New Zealand through their Vero SME Insurance Index 2023 has highlighted that around 70% of SME's overall are not considering fundamental elements when renewing their insurance. This shows where brokers can play a vital role and provide value for small businesses within New Zealand.