Marine insurance operates in a dynamic environment, and the pace of change is accelerating. Geopolitical instability, legislative reform, and emerging technologies are reshaping the sector, creating challenges for insurers, brokers and their clients.
Against this backdrop, IBANZ and the Insurance Council of New Zealand (ICNZ) recently brought the industry together for a dedicated Marine Workshop in Auckland to cover the latest developments.
IBANZ Chief Executive Katherine Wilson said the workshop demonstrated the importance of staying informed in an environment where change is becoming the norm.
"From global conflict through to domestic legislative reform and evolving operational risks, brokers are navigating an increasingly complex landscape. Bringing the industry together to share knowledge and perspectives helps ensure brokers remain well equipped to support their clients."
One of the key topics explored was the impact of geopolitical tensions, including conflict in the Middle East, on war and strike risks. John McKelvie of Vero Marine outlined changes to policy exclusions and examined how international events are influencing New Zealand trade and marine insurance cover.
Legislative change was another major focus. Matthew Flynn and Zane Fookes of McElroys discussed the transition from the Marine Insurance Act 1908 to the new Insurance Contracts Act, considering how disclosure obligations will change and what brokers need to understand as the new framework is implemented.
The workshop also highlighted the increasing importance of risk management as vessel technology and client operations evolve. Glen Hunter of Hunter Marine talked about the condition of older vessels alongside the growing risks associated with lithium-ion batteries on marine craft - an emerging exposure receiving increasing attention across the market.
Infrastructure and marina resilience standards were demonstrated by Rob Brown of Shorewise Engineering, who shared practical insights via a series of examples which explained the importance of proactive asset maintenance and planning.
The final presentation was from John Lucas of ICNZ, who gave an update on the Fire and Emergency New Zealand (FENZ) levy changes taking effect from July 2026 and what the reforms mean for marine hull and marine transit insurance.
The event reinforced that the marine insurance environment now extends beyond traditional risks. Brokers are increasingly expected to understand legislative reform, geopolitical developments, and emerging technologies while continuing to provide practical advice and tailored insurance solutions.
IBANZ extends its thanks to the Insurance Council of New Zealand (ICNZ) for partnering to deliver the workshop, and to presenters John McKelvie, Matthew Flynn, Zane Fookes, Glen Hunter, Rob Brown and John Lucas for sharing their expertise.
As the marine sector continues to evolve, industry events have an important role in ensuring New Zealand insurance brokers remain informed, connected and ready to respond to the challenges.
