SPOTLIGHT ON
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Associate Finance Minister David Seymour has confirmed that a review of the f...
In an interview with CoverNote that occurred against a backdrop of a state of emergency in Christchurch, Wellington battling wind gusts of up to 150kmph and the MetService issuing a rare red weather warning, Minister Seymour outlined h...Feature
The effect of a recent High Court judgment is that insurers can no longer rel...
John Knight and Scarlet Roberts from Chapman Tripp summarise the effects of Pearce v Toka Tu Ake Natural Hazards Commission [2024] NZHC 623 The High Court has clarified how to calculate time limitation periods for claims und...Feature
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...
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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...
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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...Feature
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...
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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....
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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...
