A law change that doubled EQCover for New Zealand homes in 2022 has now been fully implemented, with the amount for EQC building cover increasing to NZ$300,000 [$180,500] (+GST) from NZ$150,000 (+GST). The cover provides first loss insurance for damage from named natural hazards.
AIA NZ has unveiled a new initiative through its AIA Vitality programme designed to incentivise both new and existing customers. This campaign, announced towards the end of the year, offers rewards of up to $100.
General insurer Tower yesterday announced that it will no longer offer insurance for commercial farms as it focuses on its leading direct personal and small business lines insurance business.
Premiums for comprehensive motor insurance have risen by up to 38% since 2021, according to the findings of a survey by the consumer organisation, Consumer NZ.
New Zealand's non-life insurance market is expected to show solid premium growth, owing to strong, ongoing rate improvement, particularly in the property and motor segments, says AM Best.
The profit margins of insurers in New Zealand have been stable; however, the Reserve Bank of New Zealand (RBNZ) expects 2023 data will show a decline following the severe weather events.
Insurance pricing in the Pacific region increased 1% in the third quarter of 2023, compared to 2% in the prior quarter, according to the latest Marsh Global Insurance Market Index.
In a message to its advisers, Chubb Life rolled out an expansion to its lifetime reward benefit programme to cover more customers and clients.
New Zealand's retirement income system has been ranked in 17th place among the 47 markets worldwide covered this year by the Mercer CFA Institute Global Pension Index.
More than half (57%) of Kiwi parents are concerned about the current state of their children's mental health, according to the findings of a survey conducted by NIB New Zealand Health Insurance in Auckland.