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A report into the insurance industry’s response to New Zealand’s largest ever weather events has set out a number of actions to improve responses to future events. The North Island Weather Events: The Insurance Industr...
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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...
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The worsening impacts of climate change will force home insurers to stop covering thousands of risky coastal and flood-prone properties in New Zealand, a new report warns. The paper from the Helen Clark Foundation and engineering...
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...
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Economic losses from natural disaster events reached $368 billion in 2024, driven by Hurricanes Milton and Helene, severe convective storms in the U.S., and flooding across Europe. These events demonstrate the critical role of...
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...
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. ...
