Natural Disaster

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Northland storm costs insurers $37m

Preliminary figures released by the Insurance Council of New Zealand reaffirm the extent of damage the July Northland floods left behind. There has been $37 million paid to date by insurers to support their customers' recovery....

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Vero research reveals small businesses are conf...

Natural disasters rank well down the list of concerns highlighted by Kiwi SMEs, according to Vero’s most recent SME Insurance Index. The index, which surveyed 900 small and medium-sized enterprise owners (SMEs) found that nat...

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Customers no longer contact EQC for disaster cl...

The Earthquake Commission (EQC) and private insurers say a new partnership will provide an improved, more collaborative approach to supporting New Zealanders through natural disasters in the future. Under the new partnership, from ...

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New Natural Disaster Response Model to improve ...

The Earthquake Commission (EQC) and private insurers have today announced a new partnership that will provide an improved, more collaborative approach to supporting New Zealanders through natural disasters in the future. Under the...

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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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Customers get $20 million from their insurers f...

Insurance customers received $19.7 million to meet losses from the February 2020 floods that led to a state of emergency being declared in Southland, Fiordland and Clutha. The preliminary figures show the severity of the event...

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2019 a pricey year for insurers

Provisional results show that insurers spent more than $118.8 million last year responding to severe weather events, with more than 18,000 claims made. "What was looking to be a benign year for extreme events changed in the...

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Criteria for earthquake-prone loan scheme revealed

Owner-occupiers of unit and apartments living in earthquake-prone buildings will have certainty about what support they’ll be eligible for from the Government, Minister for Building and Construction Jenny Salesa says. The...

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Doig vs Tower Insurance

The Court of Appeal says no to an assigned claim by Andrew Horne and Olivia ...

The Court of Appeal recently delivered judgment in Doig v Tower Insurance, the latest in a series of assigned material damage claims. We covered the High Court decision last year. This decision is relevant to all material damage...

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Risk under the microscope

A sea change in pricing property insurance by Andrew Horne and Olivia de Pon...

New Zealand’s largest property insurer group recently announced a move towards more risk-based underwriting for property and contents insurance in areas considered prone to natural disasters. These changes will result in premium...

Live News

The Earthquake Commission Act changes: what the...

Four changes to the Earthquake Commission (EQC) Act have come into effect this year. They are part of an overall push to put in place the lessons learned from recent event responses including the Canterbury earthquakes. The changes...

Live News

Tribunal to hear earthquake claims

Canterbury homeowners are being offered a new way to resolve their outstanding earthquake claims. The Canterbury Earthquakes Insurance Tribunal opened on June 10. Justice Minister Andrew Little said it would be a fair,...

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Wellington: What’s really happening here?

By Tim Grafton

To understand what is happening to insurance in Wellington, it’s worth reflecting that the November 2016 Kaikõura earthquake caused about $1.5 billion of insured losses in the city. That’s from an event with an...

Live News

Insurers, brokers welcome levy review

The Government will review how Fire and Emergency New Zealand (FENZ) is funded, a move that is being welcomed by the industry. The FENZ levy has been controversial for many years.  In 2017, the fire service levy for...

Live News

EQC concerns voiced

People are saying they want to see more empathy, transparency, relevant expertise, quality assurance around assessments and repairs, and greater timeliness with claims, in feedback so far to the public inquiry into the Earthquake...

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