The conflict in the Middle East has zeroed in how interconnected global trade is, as well as the New Zealand's reliance on a small number of shipping corridors.
Agrifood, an important sector highly dependent on diesel used for planting, harvesting, processing and transportation, will be severely impacted if the conflict lasts any longer due to higher oil and fertiliser prices.
Willis, a WTW business, has appointed Mr Scott Kirkwood as Head of Natural Resources, Pacific. In his new role, he will be responsible for strengthening the Pacific natural resources business by aligning closely with Willis' global expertise, leveraging insights and experience from around the world.
The Reserve Bank of New Zealand (RBNZ) has opened consultation on an exposure draft of a Bill that will amend the Insurance (Prudential Supervision) Act 2010 (IPSA).
New Zealand has experienced a record 46 storms over the past 12 months, leading to an exponential increase in insurance claims, according to data from IAG New Zealand.
The conflict in the Middle East has become a material geopolitical risk for construction organisations globally, with clear implications for the wider APAC region.
The next one to two years could see expectations of a gradual increase in business interruption-related claims among SMEs, from supply chain disruption.
Agile Insurance Group has announced the promotions of Mr David Hughes to the role of Active Underwriter and Mr Mark Hunt to the role of Group Chief Underwriting Officer.
Zurich Insurance has appointed Mr Digbijoy "Digi" Joseph Shukla as Head of Digital, APAC. In his new role, he will play a central role in shaping Zurich's pan APAC customer and digital agenda, with overall leadership responsibility for Zurich Edge, the company's regional digital and embedded insurance business.
In New Zealand, HDI Global has promoted Mr Richard Upton to the role of Branch Manager and Head of Financial Lines.