An estimated 10,000 coastal properties in Auckland, Wellington, Christchurch, and Dunedin could become uninsurable by 2050 due to coastal erosion and inundation. Properties located in flood prone areas inland are similarly at risk, according to a report by the Helen Clark Foundation and engineering consultants WSP.
Suncorp, one of Australia's leading insurers, is working with technology partners on the modernisation and integration of its core policy, pricing and customer platforms as it continues its journey to becoming a digital insurer.
Growth in premiums for residential dwelling insurance is likely to ease overall, although high-risk properties may see further increases, says the Reserve Bank of New Zealand (RBNZ).
Liberty Mutal Insurance has appointed to its recently formed APAC team Mr David Tam as chief information officer; Mr Robert Mercer as head of claims; Mr Tibor Nagy as CFO, effective 6 January 2025 and Ms Vidhi Kapoor as regional head of HR, effective 6 January 2025.
Insurance rates in the Pacific region, dominated by the Australian market, dropped by 6% in the third quarter of 2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Tysers has appointed Ms Babita Rai as CEO, Singapore and Mr William Furness-Smith as head of marine, APAC.
Tokio Marine Kiln (TMK) has appointed Mr Alexandros Ampatzis as head of marine in APAC, effective 1 November. In his new role, he will primarily be focused on deepening TMK's presence in target markets across the region and continuing the team's rapid growth.
Southern Cross Health Insurance (SCHI) has become the first insurer in the country to cover the full cost of cochlear implant surgery and the internal hearing device for eligible adult members.
The peak bodies representing personal and business insurers in Australia, New Zealand, Canada and the UK, have called on Commonwealth leaders to discuss worsening extreme weather and its impact on national economic and community resilience across the Commonwealth.
Allianz Trade has appointed Mr Harry Edwards as ASEAN commercial director. In his new role, he will be responsible for all commercial activities in six ASEAN countries including Singapore, Malaysia, Thailand and Indonesia. He replaces Ms CĂ©line Peredy, who is now strategic account director for Allianz Trade for Multinationals.