Environmental

Live News

The Earthquake Commission Act changes: what the...

Four changes to the Earthquake Commission (EQC) Act have come into effect this year. They are part of an overall push to put in place the lessons learned from recent event responses including the Canterbury earthquakes. The changes...

Live News

Suncorp profit bounces

A relatively benign year for weather has helped to boost Suncorp New Zealand’s bottom line. The insurer announced net profit after tax of $261 million for the full year ended June 30, up 76% on the prior corresponding period....

Feature

Safety tips for Lithium Ion batteries

By Stephen Henkin, risk management services, Vero

Lithium ion – or Li-ion – batteries are becoming ubiquitous in New Zealand homes and businesses. They’re widely used to power everything from mobiles and laptops to power tools, e-bikes, scooters and motor vehicles.&nb...

SPOTLIGHT ON

Feature

Wellington: What’s really happening here?

By Tim Grafton

To understand what is happening to insurance in Wellington, it’s worth reflecting that the November 2016 Kaikõura earthquake caused about $1.5 billion of insured losses in the city. That’s from an event with an...

SPOTLIGHT ON

Feature

What if homes become uninsurable?

Rising sea levels may be the most predictable outcome of climate change, but ...

The efforts to combat climate change have begun in many corporate sectors around the world, and here in New Zealand that effort has been led by the insurance industry as it grapples with what to do when coastal properties...

Live News

Insurers praise climate move

Insurers are backing the Government’s Climate Change Response Amendment Bill. Governments will be required to reduce biological methane by at least 10% by 2030 and between 24% and 47% by 2050.  All other...

Live News

Insurers, brokers welcome levy review

The Government will review how Fire and Emergency New Zealand (FENZ) is funded, a move that is being welcomed by the industry. The FENZ levy has been controversial for many years.  In 2017, the fire service levy for...

Live News

Sea level rises pose risk

The Insurance Council of New Zealand has welcomed Local Government New Zealand’s (LGNZ’s) report into sea-level rises around the country, saying that the billions of dollars of local government assets identified in the...

Feature

Sustainable Business Network Awards

Meet the winners and Commendations for the 2018 NZI Sustainable Business Network Awards!

FSCL Case Study

The $84 billion problem:

Underinsurance and sum insured

Underinsurance is a big issue in New Zealand. A 2016 Treasury report stated up to 85% of homes could be underinsured by an average of 28%. Across New Zealand, underinsurance of homes is worth an estimated $84 billion. ...

Feature

Fire Service Levy: Overhaul needed already

By Insurance Council of NZ

Last year, the Insurance Council of New Zealand (ICNZ) advised MPs that taxing insurance policies to pay for Fire and Emergency New Zealand (FENZ) was unfair, costly, complex and eventually unsustainable. The previous Government...

Feature

Rural innovation and entrepreneurship showcas...

From a beekeeper to a children’s author, this year’s NZI Rural Women New Zealand business awards winners were as diverse as they are successful.  The awards, held on November 20 in Wellington at Parliament...

Live News

ICNZ welcomes mapping decision

The Insurance Council of New Zealand is pleased with the decision of Regional Economic Development Minister Shane Jones to provide funding through the Provincial Growth Fund for expanded LiDAR data mapping in the regions. LiDAR...

Live News

Bill to extend transitional levy

A bill that will extend the transitional levy rate for Fire and Emergency New Zealand to June 30, 2020, was introduced to Parliament at the end of October by Internal Affairs Minister Tracey Martin. Martin said the introduction of...

FSCL Case Study

Breaking the rules doesn’t always ruin cover

Under New Zealand law (Insurance Law Reform Act 1977, s 11), insurers cannot rely on a policy exclusion unless the excluded event or circumstances caused or contributed to the insured’s loss. The wording of s 11 can be summarised...

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