Natural Disaster

Opinion

Natural Hazards Insurance Bill looms

Keegan Alexander partners Crossley Gates and Frank Rose explain changes arisi...

The Natural Hazards Insurance Bill repeals the Earthquake Commission Act 1993 (EQC Act) and replaces it with the Natural Hazards Insurance Act 2022. The intended commencement date of the new Act is the later of: • &n...

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Support for Levin community hit by tornado

The Government contributed $100,000 to a Mayoral Relief Fund to help the Levin community following a tornado in the North Island town.  Minister for Emergency Management Kiri Allan said: “My thoughts are with everyone wh...

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IAG launches Weather Tracker

IAG has launched an online tool to provide weather-related claims data to help customers prepare for severe events. The owner of AMI, NZI, and State Insurance has launched Wild Weather Tracker, a new digital tool to help New Ze...

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NZ catastrophe losses way above long-term avera...

Aon’s latest Weather, Climate and Catastrophe Report revealed 10 catastrophe events in New Zealand last year caused losses of $322.5 million. The figure was a significant increase on the long term average of roughly $70...

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Weather events hit Suncorp NZ profit

Suncorp New Zealand saw profits drop by 34.9% in the six months to December due to a sharp increase in severe weather events.  Post-tax profit fell to $84 million in the half-year due to a series of flood events and declining...

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Vero urges Canterbury farmers to use mental hea...

Vero Insurance urged customers affected by flooding in Canterbury to use the mental health benefit on their rural insurance policies. “The flooding in Canterbury is having a significant impact on our rural insurance...

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Climate change prompts risk-based pricing revol...

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...

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Q&A Vero on the National Disaster Response Model

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...

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New-look Natural Disaster Response agreement

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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Managing bushfires in New Zealand

By Mark Taylor Chartered Loss Adjuster, Major & Complex Loss (MCL) Global Pr...

Bushfires are a foreign disaster for New Zealand. Although there have been wildfires in the past, none have been as intense as the recent cases in Australia. The climate in New Zealand is different, and the land isn’t expansive...

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Are businesses prepared for a claims surge event?

By Jon Winsbury and Craig Furness, Gallagher Bassett

The topic of climate change is rapidly rising in prominence on the global public agenda. And, as the world experiences endless parades of catastrophes and significant events on top of the pandemic, claims surge events have become...

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Virtual event tackles climate risks

Some of the risk and insurance sector’s leading voices met online to discuss the rising threat of climate risks and how to tackle the issue in New Zealand. Research firm CoreLogic hosted a virtual event, ‘Moving ahead...

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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...

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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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