Covid-19

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Lloyd’s outlines pathway to clarity

Specialist insurance and reinsurance market Lloyd’s has published a new report,  Building simpler insurance products to better protect customers , which sets out a number of ways the global insurance industry could remov...

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Market for D&O insurance hardest in living memory

Directors in New Zealand and Australia are facing the most volatile and restrictive liability insurance market in living memory, according to a report released by the Institute of Directors (IoD) with Marsh and MinterEllisonRuddWatts. A...

FSCL Case Study

Pandemic problems

In March 2020,  a couple were overseas in the United Kingdom when they heard the call from the New Zealand government to return home due to the Covid-19 pandemic. Although they were intending to travel home on April 6, 2020, they w...

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Landmark UK business interruption case

by Andrew Horne and Nick Frith

In our previous edition, we discussed the various jurisdictions in which insurers’ approaches to business interruption cover following Covid-19 were being scrutinised. In the UK, the Financial Conduct Authority (FCA)...

Opinion

Financial Conduct Authority takes action on beh...

Unlike New Zealand, many business interruption policies issued in England extended cover to interruption in consequence of a notifiable infectious disease. Many of the underwriters of those policies declined their Covid-19 related...

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Suncorp assessed remote-working future

A survey of employees at Suncorp New Zealand, one of the country’s largest insurance companies, has revealed that community and connection (79%) and collaboration and problem solving (66%) are the main drivers for employees...

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What you can expect in insurance in 2021

By Craig Furness Managing director of Gallagher Bassett in New Zealand.

A crisis like Covid-19 affects all business sectors. For insurance, the demand to deliver tailored solutions across multiple service lines on a local, national and global scale has certainly increased. The cataclysmic shifts of...

SPOTLIGHT ON

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Cyber attacks and the insurance response

by Andrew Horne, Minter Ellison Rudd Watts

New Zealand’s stock exchange, NZX, suffered cyber-attacks on six consecutive working days earlier this year.  The attacks left it unable to facilitate trading in shares, in its debt market, the Fonterra shareholders’...

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Advisers told to take care with vulnerable clients

Insurance advisers are being reminded to take care in the way they deal with clients who could be deemed vulnerable. The Financial Markets Authority has indicated that it expects the number of vulnerable people in New Zealand to...

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Cyber attacks hit close to home

NZX hack a reminder that any business can fall victim. By Angela Cuming

2020 has exposed our vulnerabilities in unexpected and worrying ways. The ongoing Covid-19 crisis serves as a grim reminder that global pandemics are a real and recurring threat, while the recent cyberattacks on the New Zealand...

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Allianz ponders pandemic cover

Allianz Partners New Zealand is developing selected cover for epidemic and pandemic diseases, including Covid-19, as domestic travel plans increase and travellers keep an eye on future border openings for international travel....

IFSO Case Study

Covid-19 puts end to trip

In October 2019, a couple arranged cover for a trip between March 13 and April 1, 2020, including a cruise to parts of South America, together with the Falkland Islands and Antarctica.  On March  13, 2020, they left on...

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Suncorp offers support to customers

Suncorp New Zealand reported a $2 million profit drop in the year to June. The New Zealand arm of the insurance company announced a net profit after tax (NPAT) of $259 million, down from $261 million a year earlier. The result...

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Insurers can help world recover from Covid

Lloyd’s, the world’s insurance and reinsurance market, says there are a number of ways the insurance industry could fast-track global economic and societal recovery from the far-reaching impacts of Covid-19. These...

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Lloyd’s warns intangible assets at risk

Intangible assets are an increasing proportion of companies’ balance sheets, already accounting for as much as 85% of the total business value across industries according to estimates. With the acceleration of digital business...

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