Welcome to the 2023 March Edition

Beyond the physical realities, there is the damage to infrastructure including power, cell networks and roads. This has added to a feeling of anxiety and helplessness for many whether they be victims or family and friends trying to make contact.

There have been accounts of truly appalling behaviour through looting and taking advantage of the vulnerable and isolated. We have been promised this will not be tolerated and that a firm stance will taken on those who choose this path.

As always, through the hardest of times, there are heart-warming stories of survival, support, and community spirit. They remind us that collectively we care and are cared about. They give hope to those facing the worst and remind them they are not alone.

As the size of the rebuild continues to unfold we will inevitably look to local and central government for leadership as well as timely and critical decision-making for now and the future.

Our thoughts are with everyone still impacted by the flooding and devastation from recent weather events, especially those who have lost family and friends, their homes, and livelihoods.

Visually, the scars are confronting, even if only seen through the media.

The vastness of affected regions and the brutality of the damage is difficult to comprehend. As is the contrast of some areas, buildings or houses in close proximity to one another that have either been destroyed or hardly touched.

I have spoken to many brokers over the last few weeks about these events, some of whom have been personally impacted. Without exception, all are elevating their clients' needs, lodging claims and advocating on their behalf to ensure that they are being looked after and supported.

Dependencies and resilience will need to be at the forefront of their minds as they seek to plan and rebuild in ways that not only take account of what we have seen to date but also what is expected to come from climate change.

Viability of existing land use, structures, construction methods, roading routes and power infrastructure will no doubt dominate their thinking as they look to restore the confidence and wellbeing of New Zealanders.

IBANZ has been advocating for this for some time and is well placed and willing to provide support to government from our experiences when catastrophes occur.

We proactively contribute to discussions on these subjects and are keen to continue to be involved in discussions and planning for the future.

Welcome to this edition of CoverNote in which we focus on these events from an industry perspective including the scale, expected impact on insurance and reinsurance markets, how brokers are responding, and how they will adapt to their clients’ evolving needs.

Melanie Gorham CEO, IBANZ

Features

10. AMI, State and NZI receive more than 21,000 flood claims

12. Tower slashes earnings and dividend in wake of North Island floods and Cyclone Gabrielle

20. Tower provides NZX update on floods

26. IAG Group provides update amid North Island floods

30. North Island floods largest motor claims event in AA history

35. Double award win for

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.

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ISSN 2815-9268