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Kiwi insurer Tower has paid a dividend to investors after posting a strong set of financial results. The group paid an interim dividend with its half-year results in May. Blair Turnbull, Tower CEO, said there an ongoing focus ...
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IAG, the owner of State, NZI, and AMI, recorded a drop in New Zealand profit in the year to June as claims volumes increased. The New Zealand business remained highly profitable, however, with strong customer retention and premium ...
Opinion
It is fundamental to all insurance that it only covers a fortuity – that is, a loss that is accidental from the insured’s point of view. So, how are the courts to interpret a liability policy that excludes: Liabi...
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Claims is a people business, writes Dr. Dexter Morse, former Director Global Insurance & Risk Management at the International Air Transport Association (IATA). There are so many lessons to be learned from the claims department....
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Broking giants Aon and Willis Towers Watson have called off their $US30 billion merger, blaming US regulators for blocking the mega-deal. The two international broking and advisory groups scrapped plans to combine after running...
SPOTLIGHT ON
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More than ever, underwriters are moving towards risk-based pricing. Brokers n...
Insurers in New Zealand are under increasing pressure to avoid over-exposure to natural catastrophes in high risk regions and coast lines up and down the country. As a result, risk-based pricing has come to the fore as underwriters look...SPOTLIGHT ON
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Covernote asks Vero executive manager for specialty claims Matt Williams abou...
How long have insurers and the EQC been in discussions to create this scheme? The new Natural Disaster Response model is something that has been evolving over a number of years. Since 2016 Vero Insurance has been working...Feature
A new National Disaster Response scheme has been created which will see insurers become a single point of contact for disaster-related claims. Insurers and the EQC have confirmed a deal which will see all claims handled by private...
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Suncorp New Zealand has appointed Andrew MacFarlane as its new chief financial officer. MacFarlane joins in September from ANZ, where he has spent the last 25 years in finance roles including in its institutional division, retail...
Opinion
For as long as there are insurance products, there will be fraudulent claims. This seems certain. We revisit the law relating to fraudulent claims and draw attention to one recent development in this area. Historically, there...
Feature
The Conduct of Financial Institutions Bill is set to change the way insurers ...
In September last year, consumer affairs minister Kris Faafoi unveiled plans for a new conduct regime for the financial services sector. The reforms, launched off the back of Australia’s damaging Royal Commission into financial...FSCL Case Study
FSCL expects more complaints about insurance brokers as the pandemic effects ...
We are starting to see a few complaints about insurance brokers arising out of Covid-19 disruption and expect we may see more as time goes on. We anticipate that as clients, in particular small businesses, discover that their...Feature
by Lloyd Kavanagh, Jeremy Muir, Kara Daly, Andrew Suggate, Maria Collett-Beva...
A little over 20 years ago, the Law Commission published a paper with a title that hinted only vaguely at its contents: “Some Insurance Law Problems”. It examined five unrelated aspects of insurance law that were...Live News
QBE Insurance and road safety organisation Brake are encouraging businesses and motorists to embrace New Zealand’s dash cam usage trend, citing the devices’ significant potential insurance, financial and safety benefits....
FSCL Case Study
Bryan, an experienced mariner, noticed damage to his yacht when it was moored at a marina. Fortunately, Bryan had insurance. There was some dispute with the insurer around the cause of the damage. However, in the end, the...
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