The insurance industry in New Zealand is moving towards greater use of risk-based pricing for residential dwelling insurance, meaning that the value of insurance premiums is more tailored to the specific risks a property faces (e.g. seismic or flood), according Reserve Bank of New Zealand financial stability assessment and strategy director Kerry Watt.
Mid-tier non-life insurer Tower is expected to decrease its expense ratio over the medium term as the company grows its premium base and improves efficiency through IT transformation, according to AM Best.
Renowned for their friendly temperament and loyal disposition, Labradors, Cavoodles, and Golden Retrievers came out on top as the most popular canine companions insured in terms of volume, according to Southern Cross Pet Insurance.
The Financial Services Council (FSC) has appointed Ms Haydee Stroud as acting CEO. She replaces Mr Richard Klipin, who is retiring, and will hold the position until a permanent CEO is appointed.
The Reserve Bank of New Zealand (RBNZ) has approved a proposal to transfer the operations and insurance portfolio of Accuro Health Insurance Society (Accuro) to Union Medical Benefits Society (UniMed), according to a statement posted on the website of UniMed.
The government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, according to building and construction minister Chris Penk.
Fire and Emergency New Zealand (FENZ) has started a public consultation on the proposed Fire and Emergency levy for the period 1 July 2026 - 30 June 2029.
The number of Kiwis with health insurance has increased in New Zealand from 1.18m in 2022 to 1.45m in 2023, as attitudes change, according to the Financial Services Council (FSC NZ).
Brisbane-headquartered Suncorp Group yesterday announced that it had signed a share sale and purchase agreement with Resolution Life, Resolution Life Group's holding company in Australia and New Zealand (Resolution Life), to sell its New Zealand life insurance business, Asteron Life.
While 98% of homeowners have insured their homes and 95% of car owners have insured their cars, just 20% of New Zealanders have insured their income against sickness or disability, the Financial Services Council (FSC) pointed out in a blog on the perception gap and life insurance.