New skill standards seek to better prepare financial advisers
New Zealand's professional association representing the interests of insurance brokers, risk managers and consumers.
IBANZ gives strength and support to members enabling them to better meet their challenges and opportunities.
We achieve this through staying involved with government activity and legislative reform impacting the insurance industry, and more specifically fire and general brokers and their clients.
We focus on providing high quality presenters who speak on a variety of fire, general and business topics under our Continuing Professional Development (CPD) offering to support members deepen their knowledge and broaden their skills.
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Rolling up our sleeves in 2025
Wehave survived until 2025, but it seems likely that this year will be a mixed bag.
With the falling OCR, pressures may finally be easing for some households.
Estimations have been made that the reduction in accumulated household mortgage payments since October 2024 has contributed a further $8 million of additional spending per week. Expectations of further OCR cuts this year will see this figure swell.
Some forecasters are optimistic, saying the New Zealand economy is set for a turnaround in coming years. This, however, sits against the backdrop of global uncertainty for trade and geopolitical environments.
In short, things will hopefully improve but…
Rising insurance costs or insurance-related costs are one of the expenses that continue to make headlines.
The Treasury consultation that recently closed on the Financial and Levy settings for Natural Hazards Insurance (NHI), formerly EQC, is likely to see the cost of this cover increase. We provide more detail about this in one of our featured articles, which sets out key aspects of the IBANZ submission.
As many of you will be aware from my newsletters, CPD sessions, and discussions, IBANZ has been seeking to raise awareness about Section Notices on Titles and the impact they create for NHI and insurance coverage.
Treasury stated the Crown guarantee and exposure of local (rate payers) and central (tax payers) government to Natural Hazard losses is a key focus for them as they seek feedback on appropriate NHI rate and caps. Given the interest, our submission also formally raised the challenges associated with Section Notices, and you can read more on the points we raised in this edition.
Our lead story is about education.
Following a brief period of public consultation, the Level 5 NZ Certificate in Financial Services qualification is set to be revamped. This is the qualification that Financial Advisers must first attain before giving regulated financial advice to retail clients.
The public consultation followed eight months of review by selected stakeholders, including industry bodies and qualification providers.
This consultation was led by Ringa Hora and was a particularly rewarding and collaborative experience.
I am hopeful (subject to final sign-off) that the outcome will deliver candidates who possess a solid foundational understanding of Fire and General terminology and practices, which will serve our sector and clients well.
With such a full year of consultation last year, you can be forgiven for thinking 2025 may be a quiet one. Don’t panic - there is plenty more to come.
From the FMA, we should shortly see a request for submissions on the quality and availability of advice. They have also signalled a consultation later this year on the Contracts of Insurance Act, which is due to come into force prior to November 2027.
We continue to await the outcome of the FMA engagement on Fair Outcomes for Consumers and Markets consultation, which closed a year ago.
After many years in the making, Conduct of Financial Institutions (COFI) comes into force this month.
The Code Committee is yet to advise following their consultation, which closed 14 August 2024 on competence, knowledge, and skill aspects of the Code of Professional Conduct for Financial Services.
In addition, there is ongoing work with Fire and Emergency NZ on the new levy regime, which comes into force 1 July 2026 and the Reserve Bank of New Zealand expects to release an exposure draft in Q3 on the Insurance Prudential Supervision Bill following their years of consultation.
All in all, there is plenty to be getting on with.
Melanie Gorham CEO, IBANZ
Calendar of events March to June 2025 pages 40-41
July to December 2025 Topics page 42
See page 44 for details on how you can have your very own copy delivered directly to your door...
CoverNote is the official publication of IBANZ and is distributed FREE on a quarterly basis (March, June, September, December) to members throughout New Zealand and associated companies. Additional copies are available at a cost of $7.50 per copy, or 12 month (4 issues) subscriptions at $30.00, inclusive of postage and packaging. The articles or opinions featured within this magazine are not necessarily the opinions of the publishers or IBANZ, and they do not accept responsibility for the content of articles featured within the publication. No part of this publication may be reproduced without the written permission of the publisher. The publishers do not accept responsibility for loss or damage to unsolicited photographs or manuscripts.
IBANZ enquiries should be made to: Melanie Gorham, Chief Executive, IBANZ. Email: mel@ibanz.co.nz
IBANZ National Office located at: Unit 4D, 2B William Pickering Drive, Rosedale, Auckland 0632 PO Box 302504, North Harbour, Auckland 0751 Telephone 09-306-1732. Website: www.ibanz.co.nz
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Revealed - top emerging threats for banks and insurers
Geopolitical uncertainty is the primary driver of emerging threats for banks and insurers, according to the 2025 ORX Horizon and Cyber Horizon reports.
The reports, based on input from 47 global financial services firms, ranked cybercrime as the top risk for the fourth consecutive year, placing it ahead of other risk categories by a significant margin. Published by ORX, an operational risk association, it identified technology and digital strategy and business service disruption as the second and third most significant risks.
Geopolitical risk
Firms surveyed in the reports highlighted geopolitical tensions and political instability as major contributors to cybercrime, particularly threats linked to nation-state activities, including cloud service provider compromises and state-sponsored cyberattacks. The development of artificial intelligence is further increasing the complexity, frequency and severity of these threats.
“Conversations with the ORX community suggest that while their firms feel well equipped to handle cyber threats, many view their suppliers as less mature in this space, particularly smaller vendors,” said Steve Bishop, research and information director at ORX.
“This is compounded by geopolitical instabilities that could impact the supply chain, the lack of global regulatory alignment, regulatory pressures such as DORA, CPS230, Basel III, BCB239 and challenges with overseeing third-party control environments,” he added.
Top cyber threats
Third-party compromise was identified as the top emerging cyber threat in both the short and long term, with 92% of firms ranking it among their top five concerns for the next six to 12 months.
Ransomware attacks were the second-highest concern for 76% of firms in the short-term and 60% in the long-term. While the likelihood of a successful ransomware attack was considered low, the potential impact on business operations, customers, reputation and finances was a key concern. Regulatory requirements are also influencing the focus on ransomware risks.
The Cyber Horizon report also highlighted the prominence of AI-related threats over the next 12 to 36 months. AI-enabled fraud, including deepfakes, rose from ninth to fourth place, while attacks on AI models moved from 15th to 11th.
AI was also noted as a factor influencing cyber threats. It is reducing barriers to entry and increasing the volume and speed of attacks. It is also enhancing attack methods, including AI-enabled spear phishing and more convincing deepfake scams.
“Since collecting the data for these reviews between November and December 2024, there have already been several significant geopolitical and regulatory developments bringing more uncertainty,” Bishop added. “The US has a new administration, the German government has recently collapsed over fiscal policy disputes, and instability in the Middle East continues. We can expect the themes presented in this report to evolve at pace over the next 12 months.”
Aon’s 2025 climate and catastrophe insights
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 adaptation and mitigation measures, as well as opportunities to better protect lives and enhance resilience.
Key Takeaways
1. Hurricanes Helene and Milton emphasise the important role of effective building codes in reducing hurricane damage.
2. Severe convective storm insured losses were the second highest on record, underscoring the need for better construction, maintenance and timely repairs.
3. European flood drives $10 billion insured losses, revealing the need for better preparedness, forecasts and warning systems.
4. 2024 was the warmest year on record, underscoring the importance of reliable climate data and analytics.
Understanding the Protection Gap
The largest uninsured losses of the year were driven by tropical cyclone-related flooding, the Noto Earthquake in Japan and flood events across Asia, South America and Europe. With a protection gap of 75% in 2024, flood remains an underinsured peril – highlighting the global need for collaboration across the public and private sectors to promote flood insurance adoption.
The global protection gap is the difference between total economic losses and what's covered by insurance. This remains a critical reference point as it describes the vulnerability of communities and the opportunity for new solutions.
As climate change affects the frequency and intensity of global natural disasters, how can organisations identify trends to protect people and property?
BE YOUR OWN BOSS
The move from unit standards to skills standards has provided an opportunity to shift the focus to the needs of new entrants to our industry and ensure that they are provided with the foundational skills required to succeed as insurance advisors.
Willis Towers Watson Alanna Lowe
New skill standards seek to better prepare financial advisers
Ensuring a pipeline of appropriately skilled financial services practitioners who are able to contribute to the insurance industry is vital for maintaining high standards and developing the insurance profession’s future workforce.
One of the keys to achieving this is ensuring that industry training programmes are fit for purpose and properly prepare those wanting to enter or progress in the industry in ways that are realistic and relevant.
The NZ Certificate in Financial Services, administered by NZQA, is the pathway for those intending to provide regulated financial advice to clients or potential clients in specialist areas, including general insurance. Its purpose is to provide the financial services industry with individuals who have competence, knowledge, and skill in the provision of financial advice.
The review has produced proposed skills standards that are more reflective of the terminology and practices within the insurance sector.
Gorham
Last year, the Ringa Hora Services Workforce Development Council initiated a review of the financial services professional practice unit standards, with the assistance of a sector review panel including representation from IBANZ. The goal was to evolve the current framework to produce better-informed and educated candidates for the benefit of our industry and clients.
The outcome was a set of skill standards to replace the unit standards listed on the NZQA Directory of Assessment and Skill Standards in Financial Services- Professional Practice (Level 5). For IBANZ, the focus was confined to revising the Core and General Insurance strands.
The Ringa Hora Workplace Development Council recently published the newly developed proposed skill standards on its website, seeking public feedback. The changes recommended by the review would see 13 of the old unit standards removed.
Some of these have never been awarded and would be allowed to expire, others would be incorporated into other skill standards, and three entirely new skill standards have been developed - two for the Core qualification and one for the General Insurance strand.
Under the proposed criteria, the Core skill standards candidates will need to demonstrate are:
• Build client relationships and communicate ethically and professionally with clients
• Apply knowledge of financial markets and systems to provide financial advice solutions in a general financial services context
Under the proposed General Insurance strand candidates will need to demonstrate skills in the following:
• Apply knowledge of general insurance services with knowledge of general insurance environment and concepts
• Apply knowledge of insurance policy structure to interpret policy coverage and policy response for clients
• Analyse client information to establish general insurance needs
• Apply knowledge of general insurance products and services to meet client needs
• Apply administrative processes for the provision of general insurance services
IBANZ Chief Executive Mel Gorham says the review has produced proposed skills standards that are more reflective of the terminology and practices within the insurance sector. She’s confident the revised General Insurance strand will deliver far better equipped candidates with relevant underlying knowledge for the fire and general sector than is currently the case.
Alanna Lowe from Willis Towers Watson was deeply involved in working through this process as part of the sector review panel. She says, “In recent years, it feels that the emphasis in relation to L5 qualifications in the insurance industry has been on compliance with legislation and ensuring that our experienced brokers within the market obtain the required qualifications for the provision of regulated financial advice.
“The move from unit standards to skills standards has provided an opportunity to shift the focus to the needs of new entrants to our industry and ensure that they are provided with the foundational skills required to succeed as insurance advisors.”
Feedback has now closed on the proposed new skill standards. Once they are finalised and made available to qualification providers, an expiry date will be confirmed for the current unit standards.
IBANZ Chief Executive Mel
What to know about statutory liability claims
Statutory liability insurance covers claims arising from a potential unintentional breach of a statute.
While the Health and Safety at Work Act is probably the most familiar example, claims arising from a range of statutes can be covered, including the Resource Management Act, the Fair Trading Act, Commerce Act, Animal Welfare Act and Medicines Act. Some policies will also respond to Health and Disability Commissioner complaints and investigations, commissions of inquiry, and inquests.
Breaches of the Crimes Act are not covered, nor is any activity that doesn’t form part of the insured’s normal business activities.
Policies indemnify against defence costs and reparation, but not necessarily fines arising from a prosecution. In fact, it’s illegal in New Zealand to insure fines under the Health and Safety at Work Act, but fines for breaches of the Resource Management Act can still be covered.
Wynn Williams partner Ellie Harrison recently told an Insurance Brokers Association of New Zealand (IBANZ) seminar that indemnifying fines is increasingly considered to send the wrong message, and she expects this area of cover to be further restricted over time as statutes come up for review. Interestingly, she noted that statutory liability cover is generally only found in Australasia and is not widely available elsewhere.
Covers usually indemnify the company or organisation and its directors, officers, and employees. Ellie says that in some cases contractors will also be covered. She highlights this as an important area to address at renewal time, suggesting organisations should either ensure their key contractors are named in the policy or insist that they provide their own liability cover.
Ellie suggests the old rule of thumb that $1 million of cover should be sufficient for most businesses is outdated and that most businesses should be considering coverage levels of $2 million or more.
Typically, statutory liability claims begin with an accidental breach of an Act or an accusation of a breach. Ellie emphasised the importance of early notification even if the client doesn’t believe they’ve done anything wrong. She suggested brokers should be reminding clients of the importance of early notification at policy renewal time.
Insurers generally consider the policy to be triggered when the insured party is called to an interview with an investigating authority or the authority makes a request for documents to be handed over. If an insurer is notified late, they could consider their position to have been prejudiced and potentially refuse cover.
Similarly, if the conduct being investigated is deliberate or reckless, the claim may be refused as cover is always for accidental loss. Recklessness is generally considered to be when the insured knew about a risk but went ahead anyway. A corporation can be considered to have knowledge or be reckless through the actions of its directors, managers or employees. Sometimes, this can also be through the actions of its contractors.
When it comes to mounting a defence, Ellie advised that regulatory prosecutions are often not defended as the regulator generally doesn’t have to prove intention, just that the breach happened. This means a guilty plea to a negotiated set of facts is often the most pragmatic option.
However, if the claim relates to the Health and Safety at Work Act, there is a possible alternative to prosecution known as enforceable undertakings. This is typically only available to organisations with a strong safety track record and where culpability is considered to be low.
Enforceable undertakings can encompass reparation and/or investment in health and safety education and improvements. The value needs to be at least equivalent to what the fine would have been if the company was prosecuted, and the agreement needs to be approved by Worksafe or via an application to the District Court.
Treasury reviewing natural hazard (NHI) levy and building cover cap
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 update to the National Seismic Hazard Model, which saw an average 50% increase in the likelihood of future national earthquake shaking hazards as one of the key reasons why the current levy rate is no longer adequate.
The NHI Act requires the financial settings be reviewed at the same time. Financial settings include the residential building cover cap, which is the maximum the Natural Hazards Commission Toka Tū Ake (NHC) can pay towards rebuilding or repairing a home, currently set at $300,000 (excluding GST).
The NHI Act replaced the Earthquake Commission Act in July 2024. Its purpose is to help manage the financial risk to the Crown of providing natural hazard cover and reducing the impact of natural hazards on people, property, and the community. Continued
The review
Treasury presented options for the five-year period from 1 July 2025 based on NHC modelling. The modelling anticipates that the levy will need to change every five years in future to account for construction sector inflation, changes in exposure, and increased understanding of natural hazard risk.
The current levy rate is 16 cents per $100 of NHC building cap cover, and the building cover cap is $300,000. This rate was reduced from 20 cents in October 2022 when the cap was increased. Feedback was sought on four levy rate options, one option for changing the residential building cover cap and two options to phase in any proposed increases over time.
Hon David Seymour intends to recommend new rates to Cabinet later this year. Any changes would require regulation change, and the implementation time could be between six and 18 months after that.
The technical levy
The options were modelled around the ‘technical levy’ rate. The technical levy rate is where the costs of the scheme are expected to meet levy income on average. The scheme’s potential losses are highly skewed, with a long tail of low probability but high-impact claims events. The technical levy rate used for the review (24 cents per $100 of NHC building cover) was calculated to support scheme self-sufficiency at 66% probability, i.e there is a 66% chance that increasing the levy to this rate from July 2026 will cover the costs incurred over the following five years, and a 34% chance that one or more natural hazard events will mean the scheme hasn’t accumulated sufficient income to cover those costs.
The review sought feedback on four options:
1. Maintain the current levy rate of 16 cents per $100 of NHC building cover
2. Increase the technical levy rate to 24 cents per $100 dollars of NHC building cover
3. Adopt the technical levy rate less 2 cents
4. Adopt the technical levy rate plus 1 cent
In its submission to Treasury, the Insurance Brokers Association of New Zealand (IBANZ) recommended Option 3 as striking the best balance between sufficiency of the fund and the risk of building up an unnecessarily large accumulation.
IBANZ believes Option 3 supports insurance affordability and uptake, which were key criteria for the choice. It also strikes the best balance between sufficiency of the fund and the risk of building an unnecessarily large accumulation. Treasury modelling indicated it is more likely than not to achieve intergenerational equity and efficiency for future generations.
Chief Executive Mel Gorham noted that a lower level of insurance uptake would end up requiring more government support for the uninsured in the event of a significant natural hazard event, so a higher levy would not necessarily lower the fiscal risk for the Crown.
IBANZ also supports the Treasury’s proposal that there be an ability to temporarily increase the levy rate following a major natural hazard event, however, it says any increase should be kept to a year so that it doesn’t incentivise low uptake of private insurance.
Building cover cap
The NHI Act currently has a building cover cap of $300,000 (excluding GST) per dwelling. The cap is the maximum the NHC can pay towards rebuilding or repairing a home.
The setting of the building cover cap is a balance between competing objectives and risks. There needs to be a level of socialisation of natural hazards risk that maintains affordable and accessible insurance and strikes a fair balance between homeowners vs taxpayers and rate payers who bear the residual risk of the scheme. However, this needs to be balanced with the need to support a viable local insurance market. If the building cover cap is too small it introduces too much uncertainty for insurers to operate in our risky country, but if it’s too high it may squeeze the potential value for insurers to make it no longer worth operating in our small market
The building cover cap was increased from $150,000 to $300,000 in October 2022 and Treasury says the results were broadly in line with its anticipated market response. Regions that paid low amounts for natural disaster cover from private insurers saw increases (as their NHC levy increased), and regions that paid high insurance premiums for natural disaster cover from private insurers (e.g. Wellington) saw price decreases.
The submission from IBANZ noted that any increase in the building cover cap increases the subsidy from low-risk regions to high-risk regions. However, because cover above the level of the building cap is met by private catastrophe insurance, an increase in that cap would not be expected to make a material difference to the overall cost of insurance or accelerate rates of under insurance. However, IBANZ warned that this would not be the case if policyholders perceived that the cost of NHI cover is more than they previously paid for that cover from their private insurer.
IBANZ recommended that there should be a suitable marketing campaign to help the public understand the reasons for and effects of the proposed changes. It says the campaign should be clear about both the breadth and limitations of natural hazards cover, including explaining that the levy covers land as well as the dwelling.
IBANZ flags serious concerns over section notices on property titles
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.
The Building Act 2004 requires local authorities to issue a building consent for building work on land that is subject to natural hazards where the building work will not accelerate, worsen, or result in a natural hazard on the land. In these cases, the local authority will place a Section Notice on the title.
The Section Notice is intended to make anyone with an interest in the property (such as potential buyers, banks, lenders and insurers) aware of the risk. However, IBANZ is concerned that the implications for NHC cover are not widely understood.
If a claim is made for damage caused by the same type of hazard specified on the Section Notice, the NHC has the right to fully or partly decline the claim.
While this issue does not form part of Treasury’s current review of Natural Hazards Insurance Act levies, IBANZ is recommending it broaden its focus to include it.
IBANZ Chief Executive Mel Gorham says there is the potential for NHC levy payers with section 72 notices to receive no cover up to the NHC cap. There is also concern that the above cap portion of cover could be impacted as some private insurers
will only pay out once the NHC accepts its portion of the claim.
“Given the nature of the natural hazards this discretionary cover relates to there could be an increasing number of levy payers who stand to, receive no cover at all in the event of a claim for what seems likely to be the greatest natural hazard exposure their property faces.”
There is also an equity issue which puts some levy payers at a disadvantage to others despite all paying the same levy. “NHC does not have the discretion to decline cover for properties similarly exposed to the risk of earthquake or volcanic eruption.”
IBANZ also questioned in its submission how discretionary cover is funded or provided for by NHC and whether, how and to what extent NHC has reinsurance arrangements in place to respond.
IBANZ believes Treasury should not delay in considering the Crown and local authorities’ (taxpayers and ratepayers) exposure to current Section Notices on titles and how this may change over time if more houses and building work is consented on properties with Section Notices already on their titles, or added to them at the time additional building work is consented.
It warns that the increasing pressure for more new housing, coupled with climate change concerns, could see this become an important issue for more and more New Zealanders.
Report: Climate change will force home insurers to stop cover
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 consultant WSP estimates that about 10,000 coastal properties across Auckland, Wellington, Christchurch, and Dunedin may be considered uninsurable in the next 25 years due to erosion and inundation risks.
In flood-prone areas, premiums are expected to rise until they become unaffordable.
The authors warn that low- to medium-income households will be worst-affected, creating a “serious social equity issue for the nation.”
“Maintaining high residential insurance coverage, especially for floods, is critical to safeguard the country’s economic and social resilience in the face of climate change, and to keep people in vulnerable locations from falling into poverty when weather-related disasters strike,” WSP report author Kali Mercier said.
She says there are “several potential options to keep insurance accessible and affordable, and as a country we need to urgently decide which we are going to adopt. Some of the more promising include subsidies for those who can’t afford insurance, standardisation of insurance policies (so people know what they are covered for) and making pricing criteria more transparent.”
WSP service line leader for risk and resilience
Richard Woods says it is unclear when the insurer retreat will happen, but it is “inevitable” following last year’s disasters.
“The country is just one major disaster away from insurance retreat becoming a much more complex problem than it already is,” he said. “We need a collaborative approach to adaptation and retreat, where decisions by insurance companies complement democratic decision-making about how we adapt to climate change, rather than leading it.”
Mr Woods wants to see an evolution in the approach to insurance, which “should support community resilience, not leave people behind”.
The report calls for an end to the development of properties in flood-risk or coastal areas that will become uninsurable within the decade.
It urges investment in climate mitigation and adaptation programs – including relocation for at-risk homeowners – and support for a government flood insurance scheme.
“The future of residential insurance depends on our willingness to act now, or we face a crisis that could engulf our most vulnerable communities,” Mr Woods said. “With a government work program on climate adaptation and risk assessment well under way, now is the time to be having that discussion.”
NZI Roadside Rescue now included.
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Creating connections and culinary masterpieces with NZI’s Sarah Latch
NZI’s
Manager, Partner Governance Risk and Performance, Sarah Latch, has built her career on a foundation of relationships, resilience and a drive to make a difference.
With a career spanning life insurance, governance, regulatory frameworks and community care, Sarah demonstrates remarkable adaptability and a deep commitment to supporting others. Outside of work, her family, community connections and love of travel have shaped her into the influential leader she is today.
A chance beginning
Sarah’s insurance journey began, “a bit by chance,” she recalls. “My first role was with Sovereign Insurance in the 1990s. I’d moved from West Auckland to the North Shore to escape the commute, and I thought, Wow, this admin job sounds sweet!”
What she didn’t anticipate was falling in love with the industry. “It was meant to be a low-key gig, but I found myself loving both the people and the dynamic work on offer.”
After two years with Sovereign, Sarah took a seven-year break from paid work to channel her energy into raising her children, Kenzie and Ben, with her husband Roger, a career advisor at Rosmini College.
“For me, the career break was challenging because I’m the sort of person who can’t sit still,” she shares. “For six of those years, I became involved in the community through Playcentre, even serving as Secretary to the North Shore Playcentre Association. It kept me connected and engaged.”
The comeback queen
When she re-entered the workforce in the early 2000s, fate stepped in. “A former colleague reached out about a Zurich Insurance role, and the timing was perfect,” she recalls. Over the next decade, she advanced from PA to Office Manager to Operations Manager, eventually transitioning into the regulatory space and paving the way for her NZI journey, which began in April 2022.
“In my role at NZI, I’m focused on building a solid governance framework to keep our partnerships on track, promoting a strong risk-aware culture, and making sure that we’re delivering the best partner outcomes,” she explains.
Drawing on her extensive experience, Sarah advocates for collaboration. "I'm not here to reinvent the wheel,” she says. “Instead, I’m utilising the skills and knowledge I’ve developed over the years and working with our talented team to apply them in fresh, innovative and impactful ways.”
To support her team, Sarah fosters an inclusive environment where everyone feels valued. “I work to ensure that we
celebrate everyone’s successes, and on the flipside, I also ensure we’re supporting people during challenging times as well. It’s about forming connections on a human level and creating a team with a family feel.”
Giving for good
Sarah’s passion for community has evolved into many areas. During her time at Zurich, she drove initiatives through the Z Zurich Foundation, helping raise and distribute over $2 million to charitable organisations.
“We supported causes like the Sir John Kirwan Foundation and their Mighty (a mental health education programme) and Variety, which felt so rewarding,” she shares.
At NZI, Sarah has continued her community-led approach through the First Foundation scholarship programme, which NZI has proudly supported since 2008.
The programme plays a vital role in empowering New Zealand students to positively impact their communities by providing financial assistance, mentorship and paid work experience, helping them build networks and transition from school into meaningful careers.
“Our scholarship students bring such fresh energy into the industry,” she says. “I’m passionate about encouraging young people to consider an insurance career as it’s such a rewarding people-driven field.”
From soirees to swimming, away from work, Sarah has a keen sense of adventure. Later this year, she and Roger are planning an epic celebration for her 50th birthday.
The itinerary includes exploring Cornwall and Greece, with a week-long e-bike tour in Slovenia and a dining experience at
Speaking of feeding souls, Sarah’s known for hosting elaborate dinner parties. “For a friend’s recent birthday, I created a four-course menu with tasting notes, wine pairings and personalised name cards. It’s my way of celebrating the people I love.”
Alongside her love of travel and top-notch dinner parties, Sarah has also participated in two events for the Half Ironman in Taupō, swimming 1.9 kilometres each time. “Don’t get me wrong, I’m not breaking speed records out there, but I make sure I get it done!” she laughs.
Family at the core
For Sarah, family is everything. Growing up with three siblings, she valued the love, guidance and support of her parents - an influence that profoundly shaped her outlook.
She’s carried these lessons into her own family, where raising her children stands as her proudest achievement. Reflecting on parenthood, Sarah shares, “Balancing work and raising children is a challenge for many new parents, but it’s an incredibly satisfying one.”
Whether advocating for new insurance talent, creating governance frameworks, or hosting the ideal dinner party, Sarah brings humour, warmth and dedication to everything she does.
As she prepares for her birthday adventure, she leaves us with this message: “Life is all about relationships. At work or at home, it’s the people who make the journey worthwhile.”
Rick Stein’s iconic Padstow restaurant. “Travel feeds our souls, and it’s the perfect way to celebrate milestones and create lasting memories.”
Lisa's love of adventure, dinner parties and her family.
The Knock for Knock Agreement
A new version applying to all qualifying crashes takes effect from June 2025 – Information courtesy of IAG.
The effect of the Agreement
Motor Insurance customers need to be aware of an agreement between many vehicle insurers operating in New Zealand known as the Knock For Knock Agreement.
This Agreement has been in place and operating successfully for several decades. A new version of the Agreement takes effect from 12am, 1 June 2025 and will apply to all qualifying crashes from this point forward.
Participating insurance companies (Signatories) agree that in the event of a crash involving two or more vehicles comprehensively insured, each Signatory will bear the insured loss incurred for their own customer’s vehicle without seeking reimbursement from the Signatory of the driver who is at-fault in the crash. The Agreement does not, however, apply to any cover for the costs of an alternative vehicle or compensation for loss of use of the vehicle. The insurer of the at-fault party
is required to reimburse the insurer of the innocent party for claims paid under these policy extensions to the extent that the at-fault party is liable and has cover under their policy for these losses.
The main benefit of this Agreement is the reduction in time and administration costs involved in resolving disputes around legal liability and managing the quantum of each crash for all affected parties. Without the Agreement, insurers would need more claims staff than currently required and incur more legal costs; these savings may then be passed on to all customers in the form of reduced vehicle insurance premiums. Customers can also benefit through avoiding time-consuming and potentially stressful involvement in disputes which may end up at the Disputes Tribunal or in Court proceedings.
Over time, it is assumed that a Signatory’s customers will be at fault as often as they are the innocent party in a crash
and therefore, each Signatory’s losses and gains are expected to even out over time. The Agreement is seen as a practical approach to resolving what would otherwise be a large number of claims between Signatories, a proportion of which would likely end in dispute.
IAG NZ also applies the Agreement internally where more than one qualifying IAG NZ customer is involved in the same collision. This allows IAG NZ to gain the same efficiency and cost reduction benefits internally, which ultimately benefits our customers.
Customers with a premium subject to Profit Share rebate or Burning Cost adjustment are affected
The premium payable for customers with these (and similar) arrangements are directly affected by the Agreement. In some instances, customers with these arrangements will benefit from the Agreement as their insurer will avoid having
to pay for losses that would ordinarily be attributed to them. For example, the insurer of an at-fault customer will not be required to pay the innocent customer’s insurer for damage to the innocent party’s vehicle, reducing what would otherwise be the total cost of that claim. However, in some instances, customers with these arrangements will be disadvantaged by the Agreement, for example, where the innocent party’s insurer is required to pay for damage to their customer’s vehicle without being able to recover from the at-fault party’s insurer, resulting in increasing the net cost of that claim.
Not all policies issued by a Signatory are subject to the Agreement
Subject to exceptions, the Agreement applies to collisions involving two or more vehicles that are each comprehensively insured by a Signatory under a motor vehicle policy which
also includes cover for liability for damage to third-party property (and other like policies as defined by the Agreement) provided that, for collisions prior to 12am on 1 June 2025, the excess payable must not be more than $10,000 in respect of damage to the vehicle for the Agreement to apply. For crashes occurring on or after 12am on 1 June 2025, there is no excess limit.
The Agreement doesn’t apply to vehicles insured for Third Party Only or Third Party Fire and Theft. The insurer of a vehicle with these covers will be required to settle all claims for thirdparty damage when their customer is legally at-fault, subject to the policy limits and conditions.
What about uninsured losses and Loss of Use/Loss of Earnings cover?
The Agreement doesn’t affect claims against at-fault parties for uninsured losses or other proven losses not covered by their policy. The Agreement also doesn’t apply to any cover under a policy for the costs of an alternative vehicle or compensation for loss of use of the vehicle; these can be recovered against the at-fault party to the extent the law allows.
Excesses
For collisions before 12am on 1 June 2025, an excess of up to $2,000 (representing the lesser of the customer’s excess or the amount of the damage to their vehicle) is refunded/waived by the customer’s own insurer where they are the innocent party in the crash. Where the excess and damage to the vehicle exceed $2,000, the innocent party may seek to recover from the at-fault party the amount of their uninsured damage that exceeds $2,000 up to the amount of the excess (the maximum excess must not be more than $10,000 for the Agreement to apply).
For collisions on or after 12am on 1 June 2025, the Signatory of the innocent party will reimburse/waive the excess (or up to the amount of the damage if less than the excess) paid or payable by their customer in respect of the damage to their vehicle. The Signatory of the innocent party will not seek recovery of the excess from the Signatory of the at-fault party. Can a Signatory opt out of the Agreement for a particular policy/customer?
No. The insurer can only make a decision as to whether or not to be a Signatory to the Agreement. All policies of a Signatory that fall within the parameters of the Agreement are subject to the Agreement without exception.
Also, see the comment above about IAG NZ applying the Agreement internally where we have more than one customer involved in the same crash.
What happens in a collision where one vehicle is insured with a Signatory and the other isn’t?
For the Agreement to apply, both vehicles must be comprehensively insured by a Signatory. If one of the vehicles is not comprehensively insured by a Signatory, then the innocent party (or its insurer) may seek to recover its losses from the at-fault party (or its insurer).
Is it fair that I miss out on my recovery when I’m innocent?
The overall benefit of the Agreement means that at any point in time, an innocent customer may feel they have missed out on recovery and this may be detrimental to their premium. However, the reduction in the costs of claims staff and avoiding disputes, in addition to the insurer of an atfault customer not having to also cover the innocent party’s damage (where the Agreement applies), may ultimately reduce the customer’s premium.
EXAMPLE OF IMPACT FOR TWO CUSTOMERS
Customers A & B have collisions with each other throughout the year with the repair cost for each vehicle as shown below:
Total direct payments for damage to the vehicles (excluding excesses for simplicity):
If the Agreement didn’t apply, then each of A and B would be responsible for the following amount of damage (for both their own and the other’s vehicles):
Customer A would be responsible for $56,000 of damage
Customer B would be responsible for $12,000 of damage
If the Agreement applied to each collision, each of A and B would bear the amount of their own damage only, as follows:
Customer A would be responsible for $27,000 of damage
Customer B would be responsible for $41,000 of damage
Report: Agents juggle technology as insurers boost digital platforms
Technology and artificial intelligence (AI) are reshaping insurance distribution, creating challenges and efficiencies for intermediaries, as insurers balance profitability with customer and agent satisfaction.
Capgemini’s 2025 property and casualty insurance trends report indicates insurers are prioritising broker and agent engagement by making substantial investments in digital tools and training programmes.
Digital tools like policy management systems, claims processing software and CRM platforms will reduce administrative tasks and allow agents to focus on sales and policyholder relationships. At the same time, enhancing agent capabilities through data analytics will also enable more cross-selling opportunities for distribution partners and reduce churn, the global report said.
However, this means agents and brokers must be prepared to keep up with the growing complexity of insurer platforms and digital tools. Is agent dissatisfaction growing?
Coupled with rate hikes, tightened underwriting controls, and a lack of carrier capacity in some lines of business, distribution partners have their work cut out for them in today’s hard market. One expert noted some agents and brokers may feel like they are doing more work for less reward.
"We’ve seen a fundamental shift. A policy that once took one or two touchpoints now requires three, four, or even more,” said Adam Denninger, who leads Capgemini's global strategy for the insurance industry. “The amount of work per sale has
increased, but the commission structure hasn’t changed to reflect that.”
The challenge isn't just about rising costs; it's about the sheer difficulty of placing business. Insurers are pulling back on certain lines of coverage, leaving brokers scrambling to secure policies in a shrinking marketplace.
"The reality is that agents are caught in the middle,” Denninger continued. “They have to explain to their clients why their premiums are jumping while at the same time struggling to find options that fit within their budgets.”
According to Capgemini’s report, global premiums written by brokers are projected to grow at a 7.8% CAGR from 2024 to 2028, reaching US$1.8 trillion by the end of the period.
In 2023, independent agents and brokers dominated property and casualty (P&C) distribution, capturing 82-87% of commercial line premiums in the UK and the United States.
Denninger indicated that while insurance companies are well aware of the growing dissatisfaction, they’ve been focused on maintaining profitability rather than easing agent pain points. Despite 93% of P&C insurers surveyed by Capgemini aiming to streamline operations with agents, 51% acknowledge that their digitisation efforts remain average or below average.
That said, there is recognition that something has to give. "Carriers know that agent frustration is at an all-time high and are making moves to address it. The problem is, these changes take time, and in the meantime, agents are left bearing the brunt of the current environment," said Denninger.
Adam Denninger | Capgemini
The broker’s role is evolving, whether that’s good or bad depends on who you ask, but one thing is clear: the days of simply selling a policy and renewing it year after year are over.
Insurer platforms, digital tools to ramp up complexity
Among the initiatives carriers are pursuing, technology and automation stand out as major areas of investment. Insurers are implementing AI-driven tools to reduce the workload on agents, streamline underwriting, and improve the overall experience.
Some of these technological changes are already taking shape. AI-powered customer service is emerging as a solution to handle routine inquiries and policy changes, allowing human agents to focus on higher-value transactions.
"We’re seeing carriers roll out AI-based systems that can provide instant quotes, answer policy questions, and even help with claims filing. It’s meant to make things easier for agents and customers alike,” Denninger said.
But the adoption of AI also raises concerns. Many brokers worry that increased automation could diminish their role in the insurance process. "There's a real fear that AI will replace human agents altogether,” Denninger said.
“The industry is trying to frame it as a tool to help brokers, but we know that automation inevitably leads to job displacement in other sectors, and there’s no guarantee insurance will be any different.”
Beyond AI-driven customer interactions, insurers are leveraging technology to adjust rates in real time. Traditionally, pricing changes were reviewed periodically, but that approach is becoming obsolete. For brokers, this creates a new challenge: keeping up with rapid shifts in pricing and eligibility requirements while still providing clients with reliable guidance.
Telematics is another area where insurers are making aggressive moves, Denninger said. The use of real-time driving data to assess risk and determine premiums has gained significant traction, with many auto insurers pushing customers to install monitoring devices.
"It’s being sold as a way to reward good drivers, but it’s primarily about identifying risky behaviours and pricing accordingly,” said Denninger. “The ultimate goal for carriers is to get more precise about who they insure and at what cost.”
While some consumers appreciate the potential for savings, others are less enthusiastic about constant surveillance, Denninger pointed out. Brokers find themselves in the tricky position of explaining how telematics works while managing clients' concerns about privacy and fairness.
Agents’ and brokers’ roles still ‘evolving’
Despite the headwinds, brokers remain the key point of contact between insurers and policyholders. The question is whether they will continue to play that role in the same capacity as technology reshapes the industry.
Either way, agents and brokers must be more informed, proactive and engaged than ever before, and engagement means not just keeping up with new underwriting rules but also understanding how AI, telematics, and real-time pricing will impact their ability to serve clients effectively.
"The broker’s role is evolving,” said Denninger. “Whether that’s good or bad depends on who you ask, but one thing is clear: the days of simply selling a policy and renewing it year after year are over.”
Carpet maker wins insurance for cyclone losses
Financial performance took a hit from event
Woolcarpet 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 to pay a remaining balance of $42.2 million following previous progress payments of $62 million. The outstanding amount is expected to be disbursed by February 2025.
Bremworth insurance settlement
Bremworth chief executive Greg Smith said the settlement provides financial certainty as the company evaluates its strategy to restore operations to pre-cyclone levels.
Since the cyclone, the company has resumed operations at its Napier dyehouse and yarn-twisting line, with further repairs to yarn-finishing equipment nearing completion.
Board chair George Adams acknowledged the complexity of the claims process, which covered both material damage and business interruption. He stated that the board is satisfied with the resolution and appreciates the cooperation of insurers and advisors.
The company plans to provide an update on its postcyclone business strategy when it releases its FY25 half-year financial results in late February 2025.
Insurance payouts affect Bremworth’s financial performance
In 2023, Bremworth confirmed that cyclone-related insurance proceeds significantly impacted its financial results, contributing to a half-year net profit of $11 million for the period ending June 2023, a sharp increase from $2.2 million in the previous year.
However, excluding the insurance payments, Bremworth reported a net loss of $2.4 million for the full 2023 financial year. The company attributed the loss to supply chain disruptions caused by the cyclone, challenges in the
construction sector, and broader economic conditions. In 2022, Bremworth recorded a net profit of $1.7 million.
In a previous statement, Smith said that Cyclone Gabrielle had a substantial influence on the company’s financials but pointed out that revenue remained steady despite the operational disruptions.
“An independent assessment has placed the estimated cost of remediation of buildings and plant and equipment at between $112.7 million and $162 million – so far, the company has been paid out $35.5 million of progress payouts and is anticipating significant further payouts,” he said.
Bremworth’s Napier facility was covered by material damage and business interruption insurance totalling $271.3 million. Smith acknowledged the cyclone as a major event in the company’s history but expressed confidence in Bremworth’s resilience and long-term strategy.
The insurance proceeds have strengthened Bremworth’s cash position, which Smith said would allow the company to explore investment and growth opportunities.
Cyclone Gabrielle’s insurance impact in New Zealand
Cyclone Gabrielle brought severe weather, including up to 568mm of rain in 48 hours and wind gusts reaching 146 km/h. The storm’s impact was intensified by pre-existing saturated ground conditions following an earlier flooding event on the North Island. The cyclone caused extensive damage to infrastructure and property, leading to 11 fatalities.
According to PERILS, the final estimate of insured losses from Cyclone Gabrielle was $2.17 billion, an increase from the $2.02 billion preliminary estimate released in August 2023.
The insurance losses were nearly evenly distributed between residential (51%) and commercial (49%) properties. PERILS’s report includes loss breakdowns by location and property type, covering structural damage, contents losses, and business interruption.
AMI reveals the Toyota Aqua as New Zealand's most stolen car for third year
AMI's new insurance data - sourced from the largest general insurance dataset in the country - reported almost 12,000 vehicle theft claims throughout 2024, including claims relating to attempted vehicle theft.
Last year, the Toyota Aqua made up 8% of all stolen vehicle claims, followed by the Toyota Corolla (6%) and the Nissan Tiida (5%).
Regions where vehicle theft occurred the most rank from Auckland, Canterbury, Waikato, Wellington and the Bay of Plenty.
AMI Executive General Manager Claims Wayne Tippet notes that stolen vehicle claims have begun to decrease for the first time in four years, with stolen vehicle claims related to ram raids down by 50% compared to 2023.
“This might suggest that, among unprecedented vehicle theft rates, New Zealanders have put security measures and practices in place, and are being more mindful about where they park their cars.”
Despite its popularity among car thieves, 2024 saw a record number of insurance policies for the Toyota Aqua, highlighting the enduring demand for the reliable hybrid hatchback.
Wayne Tippet says AMI’s top 10 list underscores New Zealanders' love for the Toyota brand, with five different models ranking within the top nine.
“The Toyota Hilux ute climbed four spots on the list, indicating its increasing value, rural and urban appeal, and strong resale value, driven by high demand for its parts.”
30% of stolen vehicles were not recovered in 2024, and 52% of recovered stolen vehicles were repairable.
“Every week, we repair recovered stolen vehicles at our AMI MotorHubs around the country. We commonly repair broken glass, damaged ignition systems, dash panels, and external dents and scrapes on these vehicles.
"It's also important to caution that thefts don't just occur while a vehicle is parked. Unfortunately, we have seen claims resulting from carjackings at low-speed areas such as intersections, traffic lights, or cark parks too.
“We should always lock our car doors when driving and consider keeping the windows up.”
The AMI top 10 stolen cars list – Toyota Aqua; Toyota Corolla; Nissan Tiida; Mazda Demio; Mazda Atenza; Toyota Hilux; Toyota Vitz; Subaru Impreza; Toyota Mark X; Mazda Axela.
Insurance Council applauds Climate Adaptation legislation framework
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 impact of climate change on lives, property and communities.
“New Zealanders need certainty about the way natural hazard risks from climate change are going to be managed and Government leadership in this critical area is welcome,” ICNZ Chief Executive Kris Faafoi said.
The Government was responding to the Finance and Expenditure Select Committee’s Inquiry into
Climate Adaptation released in October last year.
“The Government has acknowledged that a significant proportion of New Zealanders live in areas susceptible to increasing natural hazard risk and that the prospect of more frequent and severe weather events may impact the stability of our housing, finance and insurance markets.
“The insurance industry is keen to continue to contribute to the policy formation to keep protecting communities and customers. As the Government has noted, an implementation plan will be required that all sectors can buy into and is achievable.
“New Zealand is a risky country, and we are committed to finding solutions that reduce our exposure to natural hazard risks by avoiding building in dumb places and by investing in infrastructure that protects communities as well as better preparing for recovery from future natural disasters.
“We also support the government’s goal of a cross-party solution to ensure New Zealand’s approach is enduring. Adapting to climate change requires a long-term political commitment as reinsurers and insurers need long-term policy and investment certainty for some of the likely actions and investments required to safeguard Kiwis and minimise the insurance protection gap.
“We commend the Government for taking this approach. When Climate Change Minister Simon Watts and insurers met with reinsurers in London last year, they told us that they have confidence in New Zealand’s plan and that being proactive and having consistent policy settings would help keep reinsurance available for New Zealand.
“While there is work already underway to prepare for a changing climate, we need to work with haste on this issue to keep all of New Zealand protected from the worst effects of future events.
“Research shows every dollar invested in adaptation brings substantial economic benefits. By addressing these risks now, New Zealand can avoid the higher costs associated with future climate-related disasters,” Kris Faafoi said.
ICNZ Chief Executive Kris Faafoi
Insurance Council News
North Island weather events: The insurance industry response
Areport 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 Industry response by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) examined insurers' performance of claims related to the Auckland Anniversary Weekend floods and Cyclone Gabrielle in early 2023.
“The loss and devastation on families and communities was severe and the insurance industry has worked hard to settle claims and get people back on their feet as quickly as possible,” ICNZ Chief Executive Kris Faafoi said.
The North Island weather events resulted in more than 118,000 claims at an estimated value of $3.8 billion.
Despite the scale and complexity of the weather events, 91% of claims were resolved in 12 months, a rate of progress that surpassed previous major disasters. Within 16 months, 96% were settled.
“The industry response reflects the many people who worked hard every day to help assess and resolve claims and provide certainty for customers, including the additional 1,000 plus staff brought in to help deal with the surge in claims.
“We recognise that some of those affected are still dealing with the impact of these events. The industry is continually looking to improve its response and help customers recover.
“Some of the issues identified are being addressed by insurers. These include refining event response plans, investing in digital tools to manage the claims process more
effectively, and improving communications with customers and support for vulnerable customers.
“The lessons learnt from previous major events were a significant factor in the industry’s preparedness and response to the North Island weather events. However, each event is unique, and it takes time for insurers to fully scale up in response to a surge in claims while also supporting their everyday operations.
“The report identifies a number of external factors that had an impact on claims, such as the need for better data sharing among Emergency Management agencies and councils, timely assessments for stickered properties, and access to skilled labour to assess land claims.
“The industry is working closely with the Natural Hazards Commission to identify new approaches to make land claims processes more effective for customers.
“We are also fostering closer relationships with Emergency Management authorities so our sector can get access to information about the scale and impact of events as early as possible to ensure a faster and effective response and recovery.
“More broadly, the insurance sector has called for a cross-sector recovery framework to enhance coordination and improve the response and recovery to natural disasters.
“Insurers have also consistently emphasised the importance of a collective approach to address climate change risks. By supporting climate adaptation – such as avoiding building in dumb places and investing in public infrastructure – we can better prepare New Zealand for future natural disasters,” Kris Faafoi said.
To read the report visit www.icnz.org.nz
D&O insurance demand soars as claims rise Corporate leaders face increasing scrutiny
Anewreport on the directors’ and officers’ (D&O)
insurance market has highlighted increased regulatory scrutiny, growing litigation risks, and shifting market dynamics as key themes for 2025.
The Global Insurance Law Connect (GILC) D&O Global Trends 2025 report, which surveyed 24 markets, identifies legislation, environmental, social, and governance (ESG) issues, and macroeconomic uncertainty as the primary concerns influencing underwriting decisions and pricing structures.
The findings suggest that claims against directors are increasingly being upheld while demand for D&O insurance is rising across both mature and developing markets.
Among surveyed professionals, 74% pointed to legislative and regulatory changes as the most influential factor affecting the market. ESG considerations ranked second at 57%, while 52% cited macroeconomic conditions. Cyber risk also remains a prominent issue, with 48% highlighting its impact on market sentiment.
The report indicates a shift from the concerns outlined in 2021, when the market was still responding to the aftermath of the Covid-19 pandemic. ESG, which was a secondary issue at the time, now plays a central role in underwriting and liability discussions. Regulatory pressures have intensified, and courts are increasingly upholding claims against directors, adding new complexities to corporate governance.
Rising claims and liability exposure
Legal and regulatory changes are driving an increase in claims, with 61% of respondents reporting a rise in litigation over the past five years.
Additionally, 55% noted that courts and regulators are now more likely to rule in favour of claimants. This trend spans both developed and developing markets, signalling heightened legal exposure for directors worldwide.
Market maturity influences pricing trends
Premium trends vary significantly based on market maturity. While 62% of respondents reported a general increase in premiums, mature markets such as the UK, Australia, Finland, and the Netherlands have seen prices decline.
In contrast, developing markets - where political and economic uncertainty increases litigation risks - continue to experience rising costs.
In some markets, regulatory frameworks have influenced pricing structures. For example, Chilean regulations restricting companies from covering directors’ policies have slowed market growth. Meanwhile, some mature markets have raised concerns about aggressive price competition.
In 2024, industry leaders warned that some underwriting practices were unsustainable, pointing to potential pricing corrections in the near future.
Demand for D&O insurance expands
Despite pricing variations, demand for D&O insurance is rising globally. Poland has seen an expansion beyond large corporations to small and medium-sized enterprises (SMEs), while the Netherlands reports increasing uptake among nonprofits and smaller businesses.
Regulatory changes are also influencing demand. In China, new company laws introduced in 2024 have led to the emergence of tailored D&O products for non-listed companies. In Greece, a combination of financial instability, regulatory updates, and high-profile corporate failures has prompted greater interest in D&O coverage.
As 2025 progresses, market conditions are expected to stabilise in some mature regions, while others may experience fluctuations driven by capacity adjustments and shifting regulatory environments.
The report suggests that pricing corrections could occur depending on global M&A activity and economic conditions following a series of major elections.
Holiday ruined
What does the travel insurance policy cover?
What happened?
In May 2024, Sam* and Anna* travelled to New Caledonia for a two-week holiday. They had a complimentary travel policy as a feature of their credit card. The policy was underwritten by an insurer. Sam and Anna paid for their flights and accommodation using their credit card. They did not book specific tours or activities beforehand, as they decided to do this on a day-to-day basis once they got to Noumea. Sam and Anna were in their 70s, and both had heart conditions.
Unfortunately, on the day Sam and Anna landed, civil and political unrest broke out in Noumea, and the city was locked down. They could not leave their accommodation and were effectively trapped there for ten days until they were able to return home on a flight arranged by the New Zealand government.
They lodged their claim with the insurer immediately on their return in late May 2024. The claim was finalised in November 2024.
Sam and Anna did not believe the insurer had paid all they were entitled to under the policy. They were also concerned about the delay in assessing the claim and the lack of communication during the claims process. They asked FSCL to look into these matters.
What was the outcome of FSCL’s investigation?
While some of Sam and Anna’s holiday expenses were covered by the Tour Cancellation section of their policy and paid by the insurer, they felt they were entitled to the maximum amount available under this section, $4,000.
Although they had not booked specific tours or activities prior to arriving in Noumea, they said their whole trip was a tour and this was effectively cancelled, and so they should be covered for this.
It was clear that Sam and Anna’s trip was ruined by the civil disorder in New Caledonia, and they experienced significant
distress from their experience in Noumea. However, after looking at the policy wording, we considered that the insurer had paid all they were obliged to pay under the policy to Sam and Anna. The policy did not provide cover for expenses the insured would have incurred had the holiday not been cut short.
Sam and Anna were effectively claiming cover for the loss of enjoyment of their trip. However, the policy specifically excluded cover for costs and losses arising from loss of enjoyment. We explained that this is a standard clause in travel insurance policies.
Sam and Anna accepted our view on this issue
However, we were concerned about the insurer’s claims process. We agreed with Sam and Anna that there had been significant delays in the claim assessment. Further, the insurer’s communication with them had been poor, and they had missed opportunities to explain the policy coverage to Sam and Anna. Had the insurer explained the policy coverage at an earlier stage, Sam and Anna may never have complained.
The insurer accepted our comments and offered $1,000 to resolve the complaint. Sam and Anna accepted the offer, and the complaint was closed.
Insights for participants and consumers
Insurers are required under the Fair Insurance Code to deal with claims and communicate with the customer in a timely manner. If the insurer fails to do so, they may have to compensate the customer for the stress and inconvenience they experience as a result.
Consumers should check their travel policy wording because most exclude cover for loss of enjoyment if something unexpected happens on their trip.
Customer discovers house not insured
Highlighting the importance of documentation for advisers
It is important for insurance advisers to confirm to their clients in writing the instructions the clients have given to them. This avoids misunderstandings and provides the client with the chance to correct any errors. It also provides a record for insurance advisers in case there is a dispute about the instructions in the future.
Consumers should review their bank statements from time to time to ensure that all payments, including insurance payments, are being made.
What happened?
In October 2022, Michelle’s* insurance adviser told her that he was leaving the industry, and his business would be handed over to another insurance adviser. He provided her with an appointment form if she wished to become a client of the other insurance adviser. Michelle signed the appointment form and became the client of the new adviser.
In early January 2023, the insurance company that provided Michelle’s house and contents cover posted the renewal details for her cover. This letter did not reach Michelle.
At about the same time, the new adviser contacted the
insurance company and asked for renewal terms. The insurer replied that due to the way the policy had been set up in the past, it could not be transferred to the new adviser and that a proposal would need to be completed for new business.
The new adviser told Michelle they would arrange quotes for house and contents cover. They provided two quotes, one from her current insurer and one from another company. Both quoted premiums were much higher than Michelle’s current premium. The adviser explained that her previous premium had been based on outdated council records and on incorrect square footage for the house and garage. They said that as Michelle’s house was now valued at just over $1 million, the new quotes were more realistic if she needed to re-build in the current market.
Michelle decided not to go ahead with the new quotes. She assumed the current cover would just roll over as it had in previous years. However, as the insurer did not receive a new insurance proposal, Michelle’s house and contents policy was not renewed.
About 15 months later, Michelle discovered she had no house and contents cover. She was very concerned about
what would have happened had her house been damaged or destroyed during that period. She asked FSCL to look into the situation.
What was FSCL’s view?
We looked at the communications between Michelle and the adviser. Michelle had not been told that her insurer required a new insurance proposal in order to proceed with further cover. The policy was not going to renew automatically as it had in the past.
The adviser had understood from a telephone conversation with Michelle that she had decided against pursuing insurance options with them because the premiums presented were too high and that she would look elsewhere for cover. Given this, the adviser did not take the matter further.
On receiving the complaint, the adviser realised there had been a miscommunication. They accepted that they should have confirmed their understanding of the conversation with Michelle in writing. The adviser upgraded their processes to provide written confirmation to clients of their instructions. This
would avoid misunderstandings and give the client a chance to correct any errors. Further, all their advisers were reminded of the importance of properly documenting discussions with clients.
FSCL considered the adviser had acted responsibly in immediately updating their processes to avoid such issues happening again.
We considered what would be a fair resolution in Michelle’s case. It was clear she experienced anxiety when she discovered that her house and contents had not been insured for an extended period. We asked why she had not noticed that her premium payments had not been made from her bank account. Michelle explained that a family member was very unwell at the time, and she was focused on providing care. It was not until the family member recovered that Michelle was able to focus on other matters.
We suggested to the adviser that a payment of compensation for the stress Michelle experienced was appropriate. The adviser made an offer of $500, which Michelle accepted. The case was closed on that basis.
Woman gets $40k more after disputing insurer’s decision
Manaia* made an insurance claim for damage to her house caused by her neighbour’s construction work. Her insurer accepted the claim, but a disagreement arose over the cost and scope of repairs.
The insurer based the estimated repair cost on two engineering reports, which identified foundation displacement, minor wall cracks, and sloping floors. The insurer offered Manaia $11,073.89 based on these findings. Manaia agreed with the damage outlined in the engineering reports but didn’t think the insurer had captured all the work required to repair the damage or accurately estimated the cost of repairs.
Manaia submitted her own quote from a builder for the repairs, which came to $176,525. After reviewing this, the insurer raised its offer to $35,918.77 but maintained that some items listed on Manaia’s quote were unnecessary, such as consent fees, replacement of all exterior cladding, rebuilding the subfloor, and other items.
Manaia made a complaint to the IFSO Scheme, but initially, her complaint wasn’t successful.
The IFSO Scheme, an informal dispute resolution service, relies on expert evidence to evaluate claims. Manaia’s builder had not provided any reasoning for the inclusion of the
additional repairs, which meant that the case manager was unable to weigh up the expert opinions to determine whether the additional repairs were required. There was insufficient evidence to show that the insurer had missed scope or that the revised offer was unreasonable. For this reason, Manaia’s complaint was initially not upheld.
However, after asking for a review, Manaia provided another builder’s quote, this time totalling $52,000. The insurer reviewed this quote and agreed that the scope of work was more in line with the engineer’s recommendations. The insurer agreed to pay Manaia her requested settlement amount. She accepted this offer, and the complaint was resolved.
Result: Complaint settled
Note: The law says that when someone makes an insurance claim, it is up to them to prove they have suffered a loss, which is covered by the policy. Expert evidence is often key for consumers who want to challenge their insurers on claim decisions or settlement amounts.
Dishonest statement about TV damage
On 17 November 2022, Mr and Mrs Letterman* insured their household contents.
Shortly after, on 21 November, Mrs Letterman made a claim, saying that her TV had been damaged on 19 November while they were moving house. However, the metadata on Mrs Letterman’s photo showed the damage was actually photographed on 14 November, before the policy began on 17 November. This led the insurer to decline the claim,
Was the statement incorrect? Mrs Letterman initially stated that the damage happened on 19 November, but the photo’s metadata showed the damage was on 14 November.
Was it intentionally misleading? Although Mrs Letterman said she was under stress and it was an honest mistake, her repeated claim that the damage occurred on her move-in date suggested she made this statement knowingly. When asked if she was “sure of the date,” Mrs Letterman had
cancel Mr and Mrs Letterman’s policies, and flag the claim on the Insurance Claims Register due to Mrs Letterman’s false statement.
Mrs Letterman said she had unintentionally provided the wrong date because she was stressed. While she agreed the insurer could decline the claim, she was concerned that she was now unable to get insurance because she had been flagged on the Insurance Claims Register. This meant she could not insure her house or vehicles.
The case manager reviewed the case, noting that the policy allowed the insurer to cancel policies if a false statement was made. To confirm this, three things were checked:
responded “Yes, yes I am sure of the date yip, we were moving in that date”.
Was it relevant to the claim? The date of the damage was directly tied to whether the claim was valid, making it highly relevant.
Based on these points, the IFSO Scheme determined that Mrs Letterman deliberately misled the insurer. Therefore, the insurer was able to decline the claim, cancel the policies, and flag the account in the Insurance Claims Register.
Mr and Mrs Letterman’s complaint was not upheld.
Result: Complaint not upheld
* name changed
NHI & FEL levies for part AirBnB use
Your questions answered
QUESTION
My client's dwelling is occupied by them and has a small unit downstairs, which is used for occasional AirBnB. The unit is self-contained.
The client's sum insured reflects the cost to rebuild the whole building, including the Air BnB portion.
My understanding is that as the AirBnB is not the client's usual home or their own holiday home and is not intended to be used as such, it does not attract NHI or FEL levies. Only one set of levies is to apply to the property.
The insurer keeps trying to tell me they need a separate sum insured for the lower unit and that they have to charge additional levies on that unit. I have checked the Insurers Guide to NHI levies (which I am quite familiar with), and I am sure I am correct - only one set of levies applies to the main dwelling. Levies are not charged on the AirBnB.
I would love clarification from an expert.
EXPERT ANSWER: Lynne Robinson, Natural Hazards Commission
(This answer applies to the NHI levy query only, not the FENZ levy)
For a building or part of a building to be dwelling under the NHI Act, it must be both self-contained and be someone’s home or holiday home (or capable of/intended by its owner to be used as such).
In your example, the downstairs unit is self-contained, and it is used for short-term lets (ie non-residential). This unit does not meet the definition of a dwelling under the NHI Act (because it is not used as someone’s home or holiday home), therefore an NHI levy does not apply.
This means there is one eligible building that contains one dwelling and one non-residential property.
Because this eligible building contains both residential and non-residential premises, you need to calculate the residential percentage of the building to determine whether the building
is a mixed-use building. This is relevant so you can determine whether NHCover applies to the whole building or only the residential components. An eligible building is a mixed-use building if its residential percentage is less than 50%.
If you determine the building:- Is a mixed-use building, NHCover only applies to the residential components of the building. Is not a mixed-use building (ie the residential percentage is 50% or more), NHCover applies to the whole building (including the non-residential part, ie the AirBnB unit).
For further information on calculating an eligible building’s residential percentage, see section 1.5 of the ‘NHCover Insurers Guide – July 2024’ on the NHC website. For examples of mixed-used buildings, see section 5.11 of the ‘NHCover Insurers Guide – July 2024’ on the NHC website.
EXPERT ANSWER: Stephanie Beswick, Fire and Emergency New Zealand
(This answer applies to FENZ levy only, not NHI)
The Fire and Emergency Levy still uses the EQC definition for what is deemed to be a residential building until new legislation comes in to force 1 July 2026.
If it is one residential dwelling the levy is payable on one only.
If it is two residential dwellings the levy is payable on each.
If it is considered to be mixed-use building (part residential and part commercial) the 50% rule applies.
50% Rule:
If the residential portion of the building is 50% or more of the usage, the levy may be calculated off the residential portion and would be the lower amount between:
• the number of residential dwellings x SI capped at $100,000, and
• the building replacement value x levy rate ie, (SI or IV x levy rate)
In this scenario no additional levy is required for the commercial component of the building.
If the commercial portion is more than 50% of the building's usage, then the levy may be calculated as the lower amount between:
• ((SI or IV x portion of building that is commercial) x levy rate)) + (number of residential dwellings x (SI capped at $100,000 x levy rate)), and
• the building replacement value x levy rate I.e., (SI or IV x levy rate).
FORUM
Claim settlements - insurer discounts
QUESTION
Insured lost phone and lodged a claim for it. The insurer took over two weeks to lodge and review it. Because it is a phone and was for work purposes, the insured had to buy one ASAP, which they did for $999.
The insured has finally come back and offered a settlement based on their cost price of $900.
I don't think it's reasonable for the insured to be penalised for the insurer's delays and that they should be settled their costs. Noting that the device is the same and is like for like.
I've reviewed the policy wording and cannot see anything that mentions that the settlement should be based on any insurer discounts.
EXPERT ANSWER: Crossley Gates, Keegan Alexander
Insurers are required to settle claims within a reasonable period of time in all the circumstances. In the circumstances of this claim, two weeks seems unreasonable, especially if the urgency was communicated to the insurer. Any compensation is outside of the policy and is technically for a breach of it. If the insurer belongs to the ICNZ, then your client could seek redress under the Fair Insurance Code.
Asbestos property damage
QUESTION
We have a client who has caused damage to a client's ceiling and is looking to claim for this. Unfortunately the affected property has asbestos in the ceiling. The insurer is suggesting that there may not be cover due to the following exclusion:
“Section 3: Exclusions: We will not insure you for any claim under this policy for, or directly or indirectly arising from, or out of, or in connection with:
3.4 Asbestos: Any actual or alleged liability whatsoever for any claim or claims in respect of loss or losses directly or indirectly arising out of, resulting from or in consequence of, or aggravated by asbestos, in whatever form or quantity.”
My reading of this is that if the damage was consequential to the original loss, it wouldn't be covered. For example damaged cabinets that are attached to the ceiling, and need to be removed thus causing damage to the asbestos-lined ceiling. But in this instance, the damage has been directly done to the ceiling which just happens to have asbestos in it. Regardless, there is a claimable event there it just happens due to the presence of asbestos, and the costs are higher to reinstate.
EXPERT ANSWER: Cecily Brick, Fee Longstone
The exclusion applies to a claim in respect of a loss aggravated by asbestos. As the cost of repairing the damage to the ceiling will be increased (ie aggravated) by the presence of asbestos, I think the exclusion would apply in this case.
Your questions answered
Should insurers be using Insurance Claims Register for underwriting ?
QUESTION
We are finding that frequently insurers are using the ICR when underwriting new house insurance risks. We have come across a number of instances when a client is purchasing a home and the underwriter requests information in regards to claims the previous home owner has lodged. They will not give any information about the claims as they say this is a breach of the privacy act.
As this information is not readily available to the public, the purchaser finds themselves in a position of having to request this information from the vendor, more often than not via a solicitor, and in many cases the sales and purchase agreement has already been signed.
In all cases, we have had the claims were relatively minor, and all the damage had been repaired and claims closed, therefore despite having property inspections completed and Lim Reports
checked, our clients had no indication that the claims had occurred. This is just adding additional delays and costs to our customers.
My understanding of the ICR was that it was designed to prevent fraud and purposeful non-disclosure.
Should insurers be able to use the ICR as an underwriting tool for this purpose?
I believe that vendors already have a duty to disclose relevant information to the buyer.
Are the vendor's old claims on the property relevant if there is no unrepaired damage or risk of the event reoccurring?
Do insurers now expect that our clients should be asking their real estate agents for a copy of the previous owners' claims history before signing the sales and purchase agreement?
EXPERT ANSWER: Crossley Gates, Glaistor Keegan
Your understanding of the purposes for which the ICR was set up is correct. The practice you refer to was not one of those purposes. It is not clear to me why the purchaser's insurer needs to know about the previous claims (if any) by the vendor in relation to the house being sold. This does not assist with an assessment of the purchaser's moral hazard. In relation to the physical hazard, the insurer is free to inspect the home if it wishes to. In any event,
the purchaser is not in a position to easily access this information for good privacy reasons. Therefore, the request seems to be unreasonable.
Only the vendor or the vendor's insurer can easily access that information. The purchaser is in no better position to request this information via the vendor than the purchaser's insurer is by making the same request of the vendor.
Calendar of events
March 2025
March 5 th
Topic: Electronic security and risk assessment practices
Presenter: Tristan Bailey & Mike McKim | NZSA
In this session, Mike and Tristan will explore the common pitfalls in modern security practices and how both consumers and installers are adapting to these changes. A one-size-fits-all risk assessment can leave critical gaps - so what does best practice look like in 2025?
March 6 th
Topic: Cyber Liability - being prepared and learnings from 2024
Presenter: Sharna Garbett & Dinish Murali | Delta
In this session we will cast our minds back to 2024 to take stock on what we learned and how we can take those learnings through to 2025.
March 12 th
Topic: Business Interruption Insurance for beginners - Part 2
Presenter: Mark Anderson | Commercial Loss Management
This is Part 2 of a 2 part presentation for those new to commercial broking and who have had little to no exposure to business interruption insurance.
March 13 th
Topic: The Road Ahead: a motor policy update
Presenter: Blair Robertson | Ando
In this session Blair Robertson will cover FENZ levy changes, Knock-for-Knock changes, current industry trends and more.
March 18 th
Topic: Fire cause and origin
Presenter: Todd O'Donoghue | Halliwell Fire Research
Todd will present on the importance of taking a forensic approach into the investigation of fires and other losses, and how important the process is to ensure insurers can make fact-based decisions on claims.
March 19 th
Topic: Natural Disaster Claims: Where are we in 2025?
Presenter: Emma Gabor | Gabor Law
2024 has been a benign year in terms of natural disasters, so where are we in 2025? Join Emma Gabor of Gabor Law to find out.
March 20 th
Topic: Contracts of Insurance Act
Presenter: Craig Langstone | Fee Langston e The Contracts of Insurance Act 2024 represents the most significant change to insurance in New Zealand for at least the last 50 years. Find out what changes the Act makes to your area of expertise and how you need respond.
March 25 th
Topic: Exclusion clauses & interpreting insurance contracts
Presenter: Isaac Cummings & Chris Shannon | Duncan Cotterill
Insuring clauses, exclusions, extensions and endorsements: does your insurance do what it says on the tin? Interpreting insurance contracts often requires careful reading and cross-referencing in order to properly understand what is covered.
April 2025
April 2 nd
Topic: Technology Liability - emerging threats
Presenter: Miro Dordeich | Delta
In this session we will seek to examine the current landscape relating to Technology Liability as well as looking at risk engineering, finishing off with a claims update.
April 9 th
Topic: Construction Liability
Presenter: Jeff Stagg | McLarens
Construction projects come with inherent risks, and liability can arise from various issues such as construction defects, contractual obligations, negligence, and nuisance. But who bears the responsibility when problems emerge?
April 10 th
Topic: Managing challenging customers
Presenter: Lance Burdett | Warn International
Our world is changing and having an impact on many. Lance will cover topics on; why it is that anger and aggression is escalating and how to manage escalating situations.
April 15th
Topic: Business interruption natural disaster claims and issues
Presenter: Mark Anderson | Commercial Loss Management
In one hour we share some of the actual issues we experience and how we resolve differences to get to a fair claim settlement.
April 23 rd (Time: 11am-11.30am)
Topic: Application of Contracts Insurance Act
Presenter: Karen Stevens | IFSO
The contracts of Insurance Act Nov 2024 is a major change that will affect insurers and their brokers. Join Karen Stevens, IFSO for this important update on upcoming insurance law.
April 29 th
Topic: Negotiation skills
Presenter: Trevor Slater
This webinar will provide information on how to use the interest based model of negotiation to increase the likelihood of a successful outcome.
IBANZ offers a range of CPD from quality presenters who specialise in providing a variety of fire and general presentations, as well as a selection on soft skills, ranging from time management to client care.
All webinars: 10.30 - 11.30am unless otherwise stated.
April 30 th
Topic: 10 email shortcuts you should be using every day
Presenter: Debbie Mayo-Smith
If you’d like to be more efficient and effective – you can’t miss this webinar. You’ll learn how to save time and enhance client communication. We’ll cover all software bases: Outlook, Gmail (desktop and phone) and (iPhone) Mail.
May 2025
May 1 st
Topic: Working to reduce workplace and non-work related injuries
Presenter: Gary Stevens | ACC
ACC will present an exclusive webinar for IBANZ members, offering essential insights into ACC’s role in supporting businesses and its employees. Register now for an informative session to gain clarity on workplace and non-work injury management, including ACC claims and the important role recovery at work plays in successful rehabilitation.
May 7 th
Topic: Introduction to insurance and broking
Presenter: Simon Moss | NZbrokers
In this webinar Simon will describe the history of insurance, its importance to commerce, the insurance markets and the role of the insurance broker to understand their client’s risks, demonstrate that their advice is appropriate and suitable to meet those needs.
May 8 th
Topic: Vexatious Litigants
Presenter: Virginia Wethey | Fee Langstone
Dealing with vexatious litigants is time-consuming, expensive and can be very stressful. Virginia will provide some practical guidance on dealing with vexatious litigants at a claims level and discuss various legal options available to defendants once proceedings have been brought.
May 13 th (Time: 10.30am-11am)
Topic: How Financial Advisers can avoid complaints
Presenter: Karen Stevens & Andrew Gunn | IFSO
Financial Advisers provide a lot of value and help to their clients, but the IFSO Scheme sees a number of reoccurring complaint issues for the sector. Karen Stevens, IFSO looks at common advice issues.
May 14 th
Topic: Homeowners insurance: navigating the policy with case examples
Presenter: Emma Gabor | Gabor Law
Home Insurance is the bread and butter of every insurance book. In this presentation Emma Gabor will unpack policy wordings, claim scenarios and more.
May 15 th
Topic: Professional Indemnity Claims Trends and case studies
Presenter: Leilani Isidro & James Heard | AIG
Join Leilani and James to gain fresh perspectives and insights on Professional Indemnity claims.
May 21 st
Topic: Gross Profit: Don't get it wrong
Presenter: Mark Anderson | Commercial Loss Management
This session will cover the importance of gross profit when putting a business interruption programme together.
May 22 nd
Topic: Legal Update
Presenter: Duncan Cotterill
More details to come.*
June 2025
June 4 th
Topic: Assessing NHC claims under the new act
Presenter: McLarens
More details to come.*
June 5 th
Topic: Detecting deception
Presenter: Trevor Slater
In this very interesting and fun presentation Trevor will share with you how to identify when your client is not telling you the full story and how to uncover the truth.
June 11 th
Topic: Associations Liability - community and charitable organizations/NFP representatives exposures
Presenter: McLarens
In this session we’ll examine the exposures faced by elected representatives, and what types of organizations should be considering this coverage to protect the interests of these individuals, whom are often unpaid for their services.
June 17 th
Topic: Business Interruption - importance of cover for additional increase in cost of working
Presenter: Mark Anderson | Commercial Loss Management
BI is more than just the insurance of Gross Profit. Cover is automatically provided for Increased Costs as part of the Gross Profit item. But there are limitations to what can be claimed under this item – often referred to as Item 1(b).
*No details available at the time of print.
July to December 2025 Topics
TOPIC PRESENTER & COMPANY
D&O Liability
Excel Essentials: Creating and Understanding Formulas
Home Contents: Main Exclusions and Cover Pitfalls
Business Interruption – how to minimise common pre & post loss problems
Current economic overview and ensuing six month forecast
AI Update
Significant Breaches of the Fair Insurance Code 2024-25
Civil Litigation 101
Front line complaint responding
Mitigating Stress and Burnout
Crime Insurance - Essential Policy Insights and Real-World Claims Scenarios
Domestic Contents Insurance
Product Recall
Home Insurance - Key Concepts and Claims Scenarios
Back to Basics
F & G Focus - FAP Monitoring Insights
Productive Conversations
Round up of recent complaints
Insurance Issues in the Education Sector
Contents Insurance - Key Concepts and Claims Scenarios
Marine 101 Update
Business Interruption – how well would your client’s cover have performed?
Don't get Hacked
Work is killing me!
Faulty Workmanship: Extension or Exclusion?
Rural Focus
Cyber Update
Business Interruption – Insurance of Wages
Liability Insurance - defective products, tort, and the Consumer Guarantees Act
Insurance Industry Legislation Overview
Michael Robertson, Robertson Law
Sharyn Baines, Excel at Work
Emma Gabor, Gabor Law
Mark Anderson, Commercial Loss Management
Brad Olsen, Infometrics
Duncan Cotterill
Andrew Gunn, IFSO
Brad Alcorn, Fee Langstone
Trevor Slater
Lance Burdett, Warn International
Veiko Termonen, Chubb
Claire Benjamin & Andrew Gunn, IFSO
Matt Atkinson, Fee Langstone
Jacqueline Wilson, Ando
Ian Thompson, Vero Liability
FMA
Roydon Gibbs
Susan Taylor, FSCL
Duncan Cotterill
Jacqueline Wilson, Ando
Brad Alcorn, Fee Langstone
Mark Anderson, Commercial Loss Management
Steven Mayo-Smith
Trevor Slater
Emma Gabor, Gabor Law
Claire Benjamin & Andrew Gunn, IFSO
Sophie Curlett, Robertson Law
Mark Anderson, Commercial Loss Management
Cecily Brick, Fee Langstone
Mel Gorham & Julie Walsham, IBANZ
Others will be added as topics and presenters are confirmed. Please note, the programme is not guaranteed and changes may occur due to unforeseen circumstances. We do endeavour to reschedule should this happen.
Allianz and AWP fined for making false or misleading statements
On 28 February 2025, the Supreme Court of New South Wales fined Allianz Australia Insurance Limited (‘Allianz’) AU$13.5 million and AWP Australia Pty Ltd (‘AWP’) AU$3.3 million for making false or misleading statements. AWP marketed, sold and managed travel insurance products on behalf of Allianz, which was the insurer and underwriter. Allianz and AWP distributed travel insurance through partners, which included airlines, financial institutions, credit card issuers, and travel agencies.
Rothman J found that between 2016 and 2018, Allianz and AWP published information online, including on Allianz’s domestic and international travel insurance web pages, that misrepresented the characteristics or level of coverage of its travel insurance available to consumers. The Allianz website advertised the maximum travel insurance benefits payable to consumers but sometimes failed to state that sub-limits, terms, conditions or exclusions would limit those benefits.
The judgment can be found at caselaw.nsw.gov.au
Reserve Bank of New Zealand
Strengthening trust and confidence in New Zealand’s insurance industry
TheReserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership.
Deputy Governor Christian Hawkesby has reinforced the Reserve Bank of New Zealand’s commitment to ensuring a resilient, efficient, innovative and transparent insurance sector, speaking at the Insurance Council of New Zealand’s conference.
“The insurance industry is not just a key pillar of our financial system; it is fundamental to our society by enabling risk to be spread, transferred and shared. Its success relies on trust and confidence that comes with transparency, ensuring that consumers have the right coverage and that insurers can meet their obligations when needed,” Mr Hawkesby said.
New Zealand’s insurance landscape presents distinct challenges with its complex composition of participants
– retail and wholesale players, foreign parents, global reinsurers, and government providers – and New Zealand’s unique risks – seismic activity, volcanic threats, and the increasing impact of climate change.
Meeting these challenges also requires a stable and sound financial system underpinned by a modern and fit-for-purpose regulatory regime. The review of the Insurance Prudential Supervision Act (IPSA) is aimed at bringing about this modernisation.
It also requires all participants to take a system view and the necessity for a collaborative approach and leadership from across the industry. The CoFR insurance forum is an opportunity to support this leadership and for regulators to share and collaborate with the industry.
The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership.
“We recognise that there is more work to do. However, our commitment to working collaboratively with industry leaders ensures that the insurance sector continues to play a vital role in a productive and sustainable economy,” Mr Hawkesby said.
Roger Abel
Rothbury Group Limited
PO Box 1596
Shortland Street
Auckland 1140
Mob: 021 952 230 roger.abel@rothbury.co.nz
Neil Cousins (President)
Broker Services Manager
Steadfast NZ Ltd PO Box 180
Shortland Street
Auckland 1140
Tel: 09 309 7942
Mob: 021 377 942 neilc@steadfastnz.nz
Samuel Kerr (Vice President)
Insurance Broker SHARE
PO Box 305415
Triton Plaza
Auckland 0757
Tel: 09 476 1670
Mob: 021 980 435 sam.kerr@sharenz.com
Mel Gorham
Chief Executive IBANZ
DDI: 09 306 1734
Mob: 021 0852 5568 mel@ibanz.co.nz
Phone:
Tony Bridgman (Immediate Past President)
Executive Director
Marsh Ltd PO Box 2221
Auckland 1140
Tel: 09 928 3015
Mob: 021 873 399 tony.j.bridgman@marsh.com
Jill Comley-Forbes
Chief Executive Officer
Willis New Zealand Ltd PO Box 2220
Christchurch 8140
Tel: 03 366 5715
Mob: 027 451 8098 jill.comley-forbes@wtwco.com
Angus McCullough (Vice President)
General Manager Marketing & Chief Officer
Aon New Zealand PO Box 1184
Shortland Street, Auckland 1140
Tel: 09 362 9059 angus.mccullough@aon.com
Karen Scard Administration & Accounts Manager
DDI: 09 306 1738 karen@ibanz.co.nz
Julie Walsham
John Chandler
Chief Commercial and Client Officer
PIC Insurance Brokers Ltd PO Box 58842
Botany
Auckland 2163
Tel: 09 281 6870
Mob: 029 969 3878 john.chandler@pic.co.nz
Duane Duggan
Head of Insurance Legal
Arthur J. Gallagher & Co (NZ) Limited PO Box 68910
Wellesley Street, Auckland 1141
Tel: 09 357 4805
Mob: 021 833 286 duane.duggan@ajg.co.nz
Dave Penfold
Director – New Zealand
PSC Connect NZ Limited PO Box 105-241
Auckland City
Auckland 1143
Tel: 09 869 6674
Mob: 021 409 400 dpenfold@pscconnect.co.nz
Member Services & Technical Manager IBANZ
DDI: 09 306 1733
Mob: 021 0822 2727 julie@ibanz.co.nz
Physical address: Unit 4D, 2B William Pickering Drive, Rosedale, Auckland 0632
Mailing address: PO Box 302504, North Harbour, Auckland 0751
Abbott Group
Abraham & Associates Ltd
Adams Trimmer Insurance 1992 Ltd
Advance Insurance Services Ltd
Affiliated Insurance Brokers Ltd
Christchurch
Christchurch
Whangarei
Paeroa
Wellington
AIB Group Insurance Ltd Lower Hutt
AIM Associates Ltd
Albany Insurance Canterbury Ltd
Albany Insurance Services Ltd
Allied Financial Advisors Limited
Amicus Brokers Ltd
Aon New Zealand
Arthur J. Gallagher & Co (NZ) Limited
Avon Insurance Brokers
Baileys Insurance Limited
Auckland
Christchurch
Auckland
Christchurch
Christchurch
Auckland
Auckland
Christchurch
Auckland
Balance Insurance Advisors Ltd Whangarei
Bay Insurance Brokers Ltd Tauranga
BMS Risk Solutions Limited
Christchurch
Bridges Insurance Services Limited Hamilton
Builtin Insurance Brokers Limited Tauranga
Cambridge Insurance Brokers Ltd
Capital Risk Solutions Limited
Cartwrights Ltd
Cambridge
Wellington
Ashburton
Coast Insurance Whangaparaoa
Commercial & Rural Insurance Brokers Ltd
Crème Insurance
Alexandra
Auckland
Dawson Insurance Brokers (Rotorua) Ltd Rotorua
Eclipse Insurance Brokers Limited
Emerre & Hathaway Insurances Limited
FG Insurance Services
First Lane Insurance Ltd
Folio.Insure Limited
Frank Risk Management
FundAGroup Insurance Brokers Limited
Futurisk General Insurance Ltd
Grayson & Associates Ltd
Auckland
Gisborne
Gisborne
Blenheim
Auckland
Hamilton
Auckland
Palmerston North
Auckland
Greenlight Insurance Brokers Ltd Rotorua
Gregan & Company Ltd
GSI Insurance Brokers
Papakura
Waitakere
GYB Insurance Brokers Ltd Lower Hutt
Hazlett Insurance Brokers Ltd
Hood Insurance Brokers NZ Ltd
Howden Commercial & Affinity Ltd
Hurford Parker Insurance Brokers Ltd
Hutchison Rodway Ltd
ICIB BrokerWeb
Ingerson Insurances Ltd
Insurance Advisernet NZ Ltd
Auckland
Insurance Brokers Alliance Ltd Invercargill
Insurance Design Limited Warkworth
Insurance People (Fire & General) Limited Auckland
Insure 247 Ltd Auckland
JenBro Insurance Auckland
JRI Limited New Plymouth
Lockton Companies NZ Limited Partnership Auckland
Malcolm Flowers Insurances Ltd Taupo
Marsh Ltd
Christchurch
Auckland
Auckland
Hastings
Auckland
Auckland
Wellington
Auckland
McDonald Everest Insurance Brokers Ltd New Plymouth
Medical Assurance Society
New Zealand Limited Wellington
MW Insurance
Auckland
Nelson Marlborough Insurance Brokers Ltd (NIB) Nelson
Neville Newcomb Insurance Brokers Ltd Auckland
Northco Insurance Brokers Ltd Masterton
Northcrest Insurance Brokers Ltd Auckland
O'Connor Warren Insurance Brokers Tauranga
OFS Insurance Brokers Ltd Dunedin
Omni Fire & General Ltd Auckland
Paramount Insurance Agencies Ltd Auckland
Partridge Advisory Limited Auckland
Paterson & Co NZ Ltd Auckland
Penberthy Insurance Ltd Auckland
PIC Insurance Brokers Ltd Manukau
Prestige Insurance Broker Services Ltd Auckland
Primesure Brokers Ltd Auckland
Property and Commercial Insurance Brokers Feilding
Provincial Insurance Brokers Limited Masterton
PSC Connect NZ Limited Auckland
RMA General Ltd Warkworth
Rothbury Group Ltd Auckland
Runacres Insurance Ltd Christchurch
SHARE Auckland
Sit & Blake Limited Auckland
South Pacific Insurance Brokers Ltd Auckland
Straightline Advisory Limited Auckland
Thames Valley Insurance Ltd Thames
The Advisers for insurance New Plymouth
Thorner General Insurances Ltd Upper Hutt
Towes Insurance Brokers Ltd Te Aroha
Vercoe Insurance Brokers Ltd Morrinsville
Vision Insurance (S.I.) Ltd Ashburton
Wallace McLean Ltd Auckland
Wanganui Insurance Brokers Ltd Wanganui
Wealthpoint General Limited
Auckland
Willis Towers Watson Auckland
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