Country: New Zealand Page 1 / 17
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- November 28 2023
Parametrics primed for APAC’s insurance mainstream: Descartes
As the search for nat cat capacity grows in the region, the MGA is looking at 'solid double-digit' premium growth this year on more demand from Australia, New Zealand, the Pacific islands and the Philippines.
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- November 28 2023
Berkshire Hathaway ropes in Alex Zhang as senior property underwriter
Zhang, prior to this move, had spent over 17 years with QBE Insurance, most recently as senior underwriter.
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- November 23 2023
Tower’s FY 2023 COR at 101% as large events cost triple to US$33.6m
While the New Zealand insurer's GWP grew 17% to US$319m, its underlying profit fell 72% year-on-year hit by large losses from January and February weather events.
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- November 23 2023
APAC markets need to wake up to changing nat cat exposures
After a bruising 2022 and 2023 nat cat loss experience to date, there can no longer be any argument that Asia faces a new flood risk reality.
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- November 21 2023
IAG’s New Zealand flood and cyclone payouts top US$600m
The country's largest carrier has called on the government to prioritise flood resilience as the economic toll of summer of storms continues to mount.
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- November 20 2023
Kiwi carrier Tower exits commercial farm insurance
Commercial rural clients will be referred to AonAgri from February 1 as the carrier focuses on its direct personal and small business lines.
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- November 14 2023
New Zealand fully implements doubled natural hazard cover for insured homes
EQcover provides first loss insurance for damages caused by volcanic eruptions, earthquakes, tsunamis, land slips, and hydrothermal activity, as well as some limited cover for damage to residential land from storms and floods.
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- November 14 2023
Tower nearly doubles discount lapse costs to US$10.3m, CEO apologises
The Kiwi insurer has now taken into account repayments to around 65,000 customers and also a potential regulatory penalty.
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- November 14 2023
Kiwi carriers resilient despite record cat claims: AM Best
Solid premium growth on rate hikes and capital buffers afford a stable outlook for the industry, according to the rating agency.
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- November 1 2023
Floodbase and Ag Guard tie-up for parametric agri cover in Australia and New Zealand
The products are scheduled to be available in 2024 and will offer region-specific pricing that trigger payouts automatically when flooding exceeds predetermined thresholds.
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- October 30 2023
Craig Buckle to lead Lockton New Zealand from January
The head of the corporate risk business division replaces the retiring Peter Lowe as chief executive from the beginning of 2024.
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- October 20 2023
Bennelong Funds, Leadenhall Capital tie-up to promote ILS in Australia, New Zealand
ILS, which aims to transfer insurance risk to capital markets, offers attractive spreads for investors relative to their long-term average.
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- October 19 2023
AIG appoints Logan Perry as casualty manager, specialty in New Zealand
Auckland-based Perry was most recently casualty underwriting manager for Chubb and will report to Stephen Ward, head of casualty, Asia Pacific at AIG.
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- October 19 2023
Most Asian economies to see an increase in insolvencies: Allianz Trade
Countries set for the largest rises include South Korea, Japan, Australia and New Zealand, but Hong Kong is set to see a decrease in 2024.
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- October 18 2023
Exclusive: Gallagher sees senior exits amid wider APAC leadership shake-up
There have been several changes to the broker's APAC management in recent months, including the departure of North Asia CEO Thomas Wang.
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- October 16 2023
Tower reports lower cyclone costs, spurt in GWP growth; upgrades FY profit forecast
The Kiwi P&C player has revised its net profit after tax guidance for FY 2023 to between US$4.2m to US$5.9m based on preliminary results.
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- October 16 2023
WTW ropes in Jill Comley-Forbes as New Zealand country head
She takes over from Michael Brown, who will take up a new role focused on client-facing work.
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- October 12 2023
Suncorp’s Vero slapped with ‘largest’ ever FMA penalty over multi-policy discounts
The New Zealand regulator said the general insurer and its intermediaries overcharged 42,000 customers by US$6m in premiums between April 2014 and May 2022 on house and contents, vehicle and boat insurance.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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- October 3 2023
AIG’s Toni Ferrier to take over as Marsh McLennan New Zealand CEO
Ferrier, who is chief executive of AIG New Zealand, will lead the broking and consulting group's businesses across the country and serve as president of Marsh New Zealand.
