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Can compulsory building reports save insurers millions?
A Christchurch-based building consultant says the property insurance model is “flawed” and building reports that are both compulsory and detailed would significantly reduce the costs and risks faced by insurers, consumers an...Feature
IAG has published new research in collaboration with Sapere Research Group that shows New Zealand’s $64 billion spend on natural hazards is heavily skewed to recovery over resilience. This research has been publis...
FSCL Case Study
Olivia* is the owner of a small home renovation business supplying both material and labour to homeowners (the business), in the Hawkes Bay area. In February 2023 the area was severely impacted by Cyclone Gabrielle, causing m...
FSCL Case Study
Patricia’s* small business was affected by Cyclone Gabrielle in February 2023. The premises flooded and the business was closed for several weeks. Patricia submitted a claim to her insurer to cover material damage and business...
IFSO Case Study
Mr and Mrs Chen* held insurance on their house. In January 2023, the Auckland region was affected by widespread flooding, and the house was damaged as a result. Mr and Mrs Chen made a claim to their insurer for the damage. ...
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New Zealanders who own properties at risk of floods or earthquakes may be unable to afford insurance coverage, the Reserve Bank warned. Rising premiums may make home insurance "increasingly unaffordable" for households,...
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New research from insurers AMI, State and NZI revealed that 86% of people would now consider climate risk when choosing a home, compared to 55% just two years ago. The research found that house hunters rank weather and natural...
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Key elements leaders must consider in crisis management
Gallagher Bassett New Zealand reflected on the significance of crisis readiness on the first anniversary of the devastating Cyclone Gabrielle. Chief executive Craig Furness said building knowledge within organisations was a key...IBANZ Forum
Question: Hi, We have a client whose rental home suffered significant damage as a result of the Auckland floods. The tenants vacated the property immediately and the insurer/assessor arranged strip out of the property....
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Combined claims for the Auckland Anniversary Weekend flooding and Cyclone Gabrielle stood at 96,586 claims worth $2.47 billion as of early April, according to the Insurance Council of New Zealand. By April, insurers paid out over...
