Insurance companies in Australia and New Zealand are driving investment into new technologies including AI to become data-driven organisations according to a new report.
The current edition of Money & You report from the Financial Services Council (FSC) of New Zealand has revealed that the cost-of-living crisis is impacting New Zealanders choice to protect their health and life through insurance.
Markel has appointed Mr Jack Taylor as executive, distribution strategies and business development, APAC. In this newly created role, he will lead broker engagement and be responsible for ensuring effective broker engagement across the region. He will also work on the development and delivery of underwriting solutions.
New Zealand has confirmed the final regulations for the levy on insurance contracts that will fund Fire and Emergency New Zealand (FENZ) from July 2026. New Zealand's minister of internal affairs Ms Brooke van Velden in a press statement said the Government has agreed to the final regulations for the levy.
Natural Hazards Commission Toka Tu Ake (NHC Toka Tu Ake) of New Zealand has received almost 10,000 claims for damage from landslides in the last three years, nearly ten times more than the previous three years, when there were just over 1,000 claims lodged.
The period of benign weather this year has meant insurer profits have increased substantially, especially when compared to the lower-than-average returns in 2023 that were due to the impacts of the Auckland floods and Cyclone Gabrielle, says Taylor Fry, an analytics and actuarial consulting firm.
Charles Taylor, a leading international loss adjusting business, has announced a new associateship with Carter Briggs Hurle (CBH) Adjusting in New Zealand which will extend the regional coverage available to clients who require expertise for the assessment and resolution of large and complex claims in Australasia.
Miller has appointed Ms Elizabeth McGonagle as head of power, APAC, effective January 2025.
Tokio Marine Kiln (TMK) has appointed Ms Georgina Furness-Smith as cyber underwriter, effective 2 January 2025. In her new role, she will focus on further expanding TMK's presence in markets across the region, as well as maintaining and accelerating the cyber team's growth.
The slowdown in premium increases within the commercial insurance market has continued in recent months, with indications that the New Zealand market is now entering a softer market phase, says Gallagher New Zealand (formerly known as Crombie Lockwood).