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Wise words from a retiring Mike Sargent

Willis Towers Watson  has announced the retirement of its New Zealand director Mike Sargent (pictured), who has spent the last 29 years with the global broking company. Commenting on Sargent’s leadership, CEO  Pete...
Job market & the insurance industry

The following is an editorial by Alicja Grzadkowska, senior news editor at Insurance Business. To reach out to Alicja, email her at alicja.grzadkowska@keymedia.com. Job losses keep on mounting as governments begin implementing pl...
Some premiums may double

After witnessing several years of decreases, commercial insurance buyers are facing rate increases not seen in almost two decades, adding to the hardships many are already experiencing amid the COVID-19 pandemic. Industry experts e...
Avoidance for Material Non-Disclosure

A Recent English Case  I ntroduction A Parliamentary Bill is due later this year to start the process of reforming New Zealand’s duty of disclosure law, as well as many other insurance law reforms.  However,...
Navigating the economic crisis

Navigating the turbulence of a global economic crisis requires insurers to maintain an even ballast between the cargo of customer interests and buoyant solvency. In New Zealand, rated one of the riskiest for its size, the challenge is...
Insurance firms speed up innovation

These are uncertain times. After weeks of lockdown, social distancing and government-mandated ‘stay at home’ orders, jurisdictions around the world are slowly announcing their proposed economic and social recovery plans for...
2019 weather events reach $167 million

The Insurance Council of New Zealand (ICNZ) has today issued updated figures for weather-related losses during 2019, with insurers paying $167.6 million to support their customers recover from severe weather events. The figures...
EQC leaks private claims details – again

New Zealand’s Earthquake Commission (EQC) apologised today for “unintentionally” sending thousands of private claims details to a customer and their lawyer. The claimant was only supposed to receive their own...
Brokers escape premium deferral impact: NIBA

Brokers have been left relatively unscathed by insurers’ premium deferral offering for coronavirus-affected SMEs because very few clients have taken it up, the National Insurance Brokers Association (NIBA) says. Suncorp, QBE...
Cyber - $350,000 ransom paid

Cyber - $350,000 ransom paid Digital thieves have become more brazen since the pandemic lockdown began, cyber insurance specialist Emergence says, revealing it has made a $350,000 bitcoin payment to free a client’s system...

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