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The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership. Deputy Governor Christian Hawkesby has...
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On 28 February 2025, the Supreme Court of New South Wales fined Allianz Australia Insurance Limited (‘Allianz’) AU$13.5 million and AWP Australia Pty Ltd (‘AWP’) AU$3.3 million for making false or misleading stat...
IBANZ Forum
QUESTION: My client's dwelling is occupied by them and has a small unit downstairs, which is used for occasional AirBnB. The unit is self-contained. The client's sum insured reflects the cost to rebuild the whole build...
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Corporate leaders face increasing scrutiny
A new report on the directors’ and officers’ (D&O) insurance market has highlighted increased regulatory scrutiny, growing litigation risks, and shifting market dynamics as key themes for 2025. The Global Insurance...Feature
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) has welcomed the Government’s commitment to introduce legislation to Parliament this year on a Climate Adaptation framework and prepare New Zealanders for the...
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Financial performance took a hit from event
Wool carpet manufacturer Bremworth has reached a final insurance settlement for losses sustained due to Cyclone Gabrielle in February 2023. The company confirmed that the total settlement amount is $104.2 million, with insurers set...Feature
Technology and artificial intelligence (AI) are reshaping insurance distribution, creating challenges and efficiencies for intermediaries, as insurers balance profitability with customer and agent satisfaction. Capgemini’s...
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A new version applying to all qualifying crashes takes effect from June 2025 ...
The effect of the Agreement Motor Insurance customers need to be aware of an agreement between many vehicle insurers operating in New Zealand known as the Knock For Knock Agreement. This Agreement has been in place and...SPOTLIGHT ON
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The Insurance Brokers Association of New Zealand (IBANZ) is concerned that the NHC’s discretionary power to decline cover where a Natural Hazard Section Notice is recorded on a property title is not sufficiently understood....
SPOTLIGHT ON
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Treasury is reviewing the levy and financial settings under the Natural Hazards Insurance Act (NHI Act), concerned that current levy settings will not meet the projected costs of running the scheme. It points to the 2022...
