The Insurance Council of New Zealand (ICNZ) welcomes the first reading on 2 May 2024 of the Contracts of Insurance Bill, saying the overhaul of the legislation is well overdue.
Insurance rates in the Pacific region declined by 2% in the first quarter of 2024, according to the "Global Insurance Market Index" published by Marsh.
The Insurance Council of New Zealand (ICNZ) has endorsed findings that New Zealand needs to act decisively in the face of natural hazards risks to ensure insurance is affordable and available in the future.
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.