CoverNote December 2023 issue

December 2023

What does the new government mean for insurance?

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 and general and business topics under our Continuing Professional Development (CPD) offering to support Members deepen their knowledge and broaden their skills.

The IBANZ Code of Professional Conduct provides the public with assurance that Members act in a professional and ethical manner. It includes a disciplinary and complaints committee to review concerns that may arise.

Ph: 09 306 1732 www.ibanz.co.nz

Welcome

Welcome to the Summer edition (formerly EQC), Insurance Prudential Supervision Act Omnibus and one just opened by the FMA on “fair outcomes for consumers and markets”. More are expected.

As reported in our Lead story, there is however uncertainty over the future of the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI), with National signalling on the campaign trail that they would repeal it.

There appears little reported backing for the repeal within the financial sector which is not surprising as CoFI supports the protection of consumers. Many participants have already made changes to improve their focus on and the outcomes for consumers.

CoFI introduces a legislative requirement on Financial Institutions (which includes insurers and banks) to have in place a fair conduct programme.

Financial Advisers and Financial Advice Providers (including insurance brokers) already have obligations in respect of fair conduct. Extending this requirement to insurers and banks helps deliver a more holistic approach by capturing the product providers albeit only in the consumer space.

W

ith the end of the year not far away, many are looking forward to a well-deserved break and the chance to relax and recharge after a hectic 2023.

Following Covid, most of us were looking forward to a return to normality, however, the weather, inflation, interest rates, staff shortages and supply chain problems among other things have seen almost everyone facing a somewhat different reality.

With the election firmly in the rear-view mirror, we received a welcome break from the campaigning.

At the time of writing towards the end of November, the delays over forming the government continue to linger, and patience is wearing thin.

Latest reporting indicates that progress is being made with talk of ministerial positions under discussion, so hopefully all will be resolved prior to this edition going to print.

As a regular reader of CoverNote you will be aware there has been considerable legislative reform for the insurance industry (and wider financial sector) in recent years.

As I write we have open consultations relating to Insured Persons Rights under the Natural Hazards Insurance

As we support the protection of clients as well as their right to be treated fairly, we will watch with interest how this develops.

Lastly, as we close out this year, it is heartening to see local and central government working together for those severely impacted by last summer’s weather.

Auckland, Hawkes Bay and Gisborne councils have recently advised that those with houses assessed as being in Category 3 (facing an unacceptable risk of future flooding and/or loss of life) will be eligible for a voluntary buy out.

While it will be difficult for some to leave their family home, this provides a way forward if they decide they want to move.

Let us hope that a far more careful approach is taken by all councils going forward regarding future consenting so that the risk of others finding themselves in similar situations is greatly reduced.

Wishing you a Merry Christmas and all the best for 2024.

Melanie Gorham CEO, IBANZ

Cover 4. COVER STORY What does the new government mean for insurance?

Features 7. Suncorp opts for renewable power

8. Hawke’s Bay Independent Flood Review calls for public information

10. Q&A with Peter Lowe

12. Adapting and thriving in a modern working environment

14. Lockton New Zealand appoints Buckle as CEO

18. Court of Appeal decision focus

22. Vero upskills staff following EQC claims surge

24. NZI supports businesses with electrical safety

26. Repairhub launches apprenticeship programme

28. Detection and response tools important as cyber claims surge

43. Katrina Shanks to become new ANZIIF CEO

43. Sedgwick's Ben Marsh wins ANZIIF 'Making a Difference' Award

CALENDAR OF EVENTS & MAY TO DECEMBER 2024 TOPICS Pages 40 - 42

Regulars 1. Welcome to CoverNote 16.

Humans of NZI

36. Ask an Expert 44. IBANZ Contacts

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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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3

Cover Story

What does the new government mean for insurance?

National has signalled plans to scrap CoFI, but some in the industry believe a full repeal could be counter-productive, writes Helen Gilby.

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December 2023

W

ith the National Party-led coalition government is still in its infancy, insurance professionals are starting to look at the group’s pre-election promises and how they might affect the broking profession.

National and ACT campaigned to cut red tape and reduce the compliance burden on NZ businesses during the election. With this as their general approach to the financial service industry, many are watching to see how this translates into action, and what effect it will have on the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI).

As recently as August, at the Financial Services Council conference, National made it clear that CoFI would be up for repeal, along with other legislation that impacts the wider financial services sector. Pre-election, this was a strong signal to the industry around their intention to support the markets’ ability to regulate itself, rather than through legislation.

With National unable to govern alone, it remains to be seen what influence other parties will have on their regulatory plans, including the proposed CoFI repeal.

Continued over...

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5

Cover Story

With Winston Peters and New Zealand First playing a key role in this government, National’s regulatory changes could be watered down. Some believe New Zealand First could modify some of National and ACT’s aims around regulation.

Unlike Luxon and Seymour, Peters supports inquiries into the financial markets and has gone so far as to indicate his support of ‘Monopoly Investigations’ for key industries in his party’s pre-election pledge.

While this doesn’t reference CoFI directly It is fair to assume that NZ First may not hold the same sentiments around the self-regulation of financial markets and services. However, even with NZ First in the coalition, the change of government signifies that some alterations or even repeal of CoFI is now a real possibility.

Like other financial services, the general insurance industry and brokers have been speculating what this will mean for them.

Critics of CoFI have complained that it increases regulatory costs, which then impacts consumers through increased costs. As everyone has seen, the local market has faced significant cost rises in recent years due to other industry pressures around major events and the flow-on effects of the global cost of living crisis.

Others in the industry support the main principles of CoFI, and believe some regulation needs to be standardised across the industry through legislation.

They see the protection of consumers as encouraging for the insurance business and believe it could have a positive impact through improved consumer relationships and products. Supporters see the potential consumer benefits, such as a greater focus on outcomes, increased consumer confidence and relationships, and better business for brokers.

Both brokers and industry organisations have been adjusting processes and examining internal procedures ahead of CoFI for some time, with many having plans up to 2025, when it will be in full effect.

Although the principles of the legislation are the same for everyone in terms of impact, on a practical level, what this means varies considerably. It is an Act that touches across many industries and transactions in financial services, not only the general insurance industry.

“It was always going to be a challenge for the Act to incorporate and balance the vast difference between products and services within the financial services sector”, says Sam Kerr, Financial Advisor from ShareNZ. Kerr explains that regulators involved in drafting the legislation have tried to understand the complexities of covering such a wide range of services and products that are governed by CoFI. “They’ve worked really hard to consult with everyone and really try and understand the industry and balance that with protecting consumers. I think you can see that by the development of the draft legislation too,”, explained Kerr.

“A lot of consultation happened with this legislation.

You can see it with the progression of the drafts and adjustments that have been made,” reiterated Kerr.

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December 2023

However, he acknowledged that everyone across the industry would be at “different places” around the impacts and what they mean for them.

This could explain why different parts of the financial services industry have different takes on the legislation and what it means for risk exposure. Some may face higher regulatory costs than others as they manage new compliance aspects. Others have already been operating within similar requirements, so the changes have not been as costly.

CoFI has the potential to become overreach in some circumstances, which could result in poor outcomes for those it has been designed to protect. This overreach or unintended consequence is what some feel happened for lending markets when the Credit Contract and Consumer Finance Act 2003 (CCCFA) came into effect in December 2021. There are concerns that some unintended consequences around CoFI have not been accounted for.

However, Kerr encouraged brokers to look at the bigger picture and the intended needs that CoFI is trying to meet across the financial sector.

“It should never be seen as a bad thing to put consumer protection at the centre of business interactions”, said Kerr, adding the legislation also has some practical implications, such as alignment with other regulatory changes and adjustments that reflect the way business has changed with technology advancements in our modern business environment.

Kerr says the industry should be cautious when calling for a wholesale repeal of CoFI. “Don’t throw the baby out with the bathwater and push to repeal the whole thing when it does have advantages for the industry,” said Kerr.

While against a complete repeal, he understands that some have felt deeper impacts than others.

“A lot of positive work has already been undertaken across organisations in response to the Act, which helps facilitate high standards and professionalism across the industry in general,” Kerr added. “Consumer protection is something that everyone in the industry should support.”

While hard work has gone into ensuring the legislation works as intended, how it will work in practice for industry participants and consumers remains to be seen.

This uncertainty, and the long-standing perception of regulation as red tape, could mean that National repeals legislation the industry has already committed to implementing, despite its pathway to upholding better outcomes across product and service distribution.

This may be challenging for brokers who have already adapted to understanding the impacts of being an intermediary and where their responsibilities for fair conduct lie.

While it’s too early to say how the new coalition will approach financial services regulation, National has clearly indicated its intention to make changes. Exactly how far they will go will depend on the appetite of their coalition partners and the wider industry. For now, brokers are in wait-and-see mode as the uncertainty continues.

Feature

Suncorp opts for renewable power S

uncorp New Zealand has chosen sustainable energy provider Ecotricity as its utility partner for its 12 new Suncorp New Zealand office spaces across Aotearoa.

The insurer said the switch meant all of its NZ officers were now running on 100% renewable and sustainable power.

Carly Orr, executive manager for corporate affairs and sustainability at Suncorp New Zealand, said the move would help the company meet its net-zero target.

The insurance group brought forward its net-zero target by 20 years to 2030, announcing its revised target last year.

“Switching to a provider who has 100 per cent renewable Toitū Climate Positive energy is a great step toward meeting our target. That’s something we can feel really good about.

“Our team are continually reviewing how our business is impacting the environment, which is important to help us meet our sustainability goals,” Orr said.

Because of the partnership with Ecotricity, the company no longer needs to purchase renewable energy certificates to offset emissions, as it previously did.

Ecotricity is New Zealand’s first and only Toitū Climate Positive certified electricity provider.

Ecotricity's 100% renewable electricity has no associated emissions because the emissions associated with the provider’s electricity have been measured, reduced, and offset where possible.

Orr added that as the insurer works toward its 2030 target, it will focus on meeting its mandatory climate-related disclosure requirements as well as contributing to the Suncorp Group's anti-modern slavery focus.

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7

Feature

Hawke’s Bay Independent Flood Review calls for public information T

he Hawke’s Bay Independent Flood Review has called on home, business and property owners, iwi/hapū, communities, business groups and regional infrastructure owners impacted by flooding from Cyclone Gabrielle to contribute information relevant to the review.

Dr Phil Mitchell, chair of the independent panel conducting the review, said inviting the public to provide information was an important part of the fact-finding process.

“We want people to share with us any information they have that can help inform our review and we have endeavoured to make it easy for people to do that via our website, www.hbifr.nz.

“The website has a simple-to-use portal where people can answer specific questions either in writing or with a

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December 2023

voice recording, and upload photos or videos they may have as well. The portal will be available for people to access until the middle of December,” he said.

The panel is keen to hear from people about: •

Their experience of river management and the maintenance of flood management assets prior to the cyclone

•

What they saw happen to rivers and flood management assets during the cyclone

•

Their ideas about how flood risk can be better managed in future.

“The information we receive, alongside the information we have requested of Hawke’s Bay Regional Council, and others such as MetService, will then be used to inform our report and recommendations.”

www.covernote.co.nz

9

Peter Lowe, chief executive, Lockton New Zealand CoverNote spoke with Lockton New Zealand chief executive Peter Lowe ahead of his retirement at the end of the year.

Lowe, who makes way for new CEO Craig Buckle in January, shared his thoughts on 30 years in the insurance industry, the future for the sector, and advice for young brokers.

You are retiring at the end of the year; how has the broking market changed over the course of your career?

The most significant change during my career has been the evolution of the insurance market into a respected member of the financial services industry. This evolution encompasses advancements in risk management, emphasising the value of understanding business risks, and how the broking industry has adeptly addressed the ever-changing national and global risk issues.

What have been the biggest achievements of your career and time at Lockton?

One of the most exciting periods in my career was when I was asked to move to Hawaii to initiate the captive management office for Marsh. Over the course of ten years, we established a domicile, built a client offering, and played a pivotal role in evolving legislation for the Hawaii State Government.

Witnessing Hawaii rank in the Top 10 captive domiciles globally is immensely satisfying. This experience, where I built a business from the ground up, provided invaluable lessons that I applied to the Lockton New Zealand challenge.

Establishing Lockton New Zealand stands out as a significant accomplishment, given that we introduced a new brand, a new and unique client service model, and a client/employee-first culture to a traditional insurance broking market. We were the first to challenge the status quo and disrupt the corporate insurance market for the benefit of New Zealand businesses and our clients.

Today, Lockton New Zealand has terrific momentum and the capabilities and expertise needed to drive innovation and growth, deliver critical client solutions, and create value for shareholders across the country. For example, we have forged strategic partnership agreements with several aligned businesses across New Zealand and the Pacific region including HealthNow, a healthcare company making it easier for New Zealand employees to access healthcare.

What will be the biggest challenges for the broker market in NZ in the coming years?

The foremost challenge will be managing regulations and assessing their value for the client. New Zealand is currently experiencing a significant amount of compliance and regulation, resulting in added costs that must be passed on to customers for relatively minimal client benefit. Another major challenge is ensuring that brokers communicate the value of advice throughout a transaction. Brokers must ensure that clients comprehend and appreciate the advice, understanding how it improves their risk management concerning business risks.

Where are the biggest opportunities for brokers?

The most substantial opportunity lies in becoming an advice driven broker. The challenge for the majority of brokers in New Zealand will be to enhance client operations by understanding their business and providing tailored advice.

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December 2023

Q&A with Peter Lowe

The New Zealand insurance market has been overly transactional, focusing on insurance costs rather than the benefits and protection derived from insurance advice.

From the perspective of Lockton New Zealand, local businesses are no longer seeking just insurance solutions but also want us to strategise with them around mitigating wider risk. We are structured in a way that enables face-to-face time with organisations.

At Lockton, it’s personal. Insurance buyers are now looking for business partners, not merely service providers, so Lockton’s individual and consultative approach is a highly appealing proposition. We also want to push the boundaries of what’s currently available in the market.

There are also opportunities for brokers to make a bigger impact on the community. For example, at Lockton, we support the 'Trees that Count' initiative managed by the environmental charity Project Crimson across Aotearoa New Zealand. As part of this initiative, Lockton donates native trees in the organisation's name for every new client, resulting in a total donation of over 700 trees to date.

In addition, our team has been partnering with Cystic Fibrosis New Zealand to raise much-needed funds and awareness for their charity and community.

What will the future of broking look like? Give us your prediction.

We will witness a split in the broker market. Some brokers will focus on transactions, ultimately becoming agents of insurers. On the other hand, there will be brokers who prioritise providing high-quality advice to clients, even if it means recommending against purchasing insurance.

In the hard market at the moment, when will these conditions change? Any sign of the market softening?

Predicting a shift in market conditions is challenging.

In the current market, clients who planned for risk and insurance 5 to 10 years ago and adopted the right long-term strategy are faring well. Such clients have insulated themselves from market fluctuations, gaining a competitive economic advantage over their peers.

Conversely, those reliant on transactional procurementdriven renewals are continually at the mercy of market behaviour.

How will brokers have to adapt to deal with ever more complex and evolving client risks?

Brokers must forge close collaborations with their clients, fostering a deep understanding of the client's business and industry. This understanding empowers brokers to identify risks proactively, enabling clients to adjust their business strategies in response to emerging challenges. A notable illustration is in the realm of cyber risk.

Through years of close collaboration and a deep dive into the client's risk profile, a comprehensive analysis was conducted. The optimal solution involved the creation of a cyber insurance product utilising alternative risk financing techniques through a captive insurance company.

What’s next for Lockton in NZ? Will you be moving into new product areas?

Lockton New Zealand will continue to build on the momentum we have created under the leadership of

Craig Buckle (incoming CEO of Lockton New Zealand).

Over the past two years, we've dedicated significant effort to establish a robust platform, placing us in an excellent position for further development.

A shared understanding of the business plan, strategy, and goals is crucial. From my perspective, the consistent achievement of objectives and flawless execution of our strategy are paramount. Maintaining focus is critical for Lockton. Our success is rooted in engaging the right people and fostering meaningful conversations with potential clients.

Despite six years of challenging conditions in the insurance industry, our approach has set us apart as disruptors, distinguishing us from other firms in NZ. Additionally, we are exploring how to leverage the global capabilities of Lockton. Adapting successful strategies from the Pacific region and applying them to New Zealand is a focus, leveraging our unique selling points as valuable conversation starters.

Our discussions extend beyond pure insurance, exploring ways to engage clients in risk discussions that often lead to a broader spectrum of opportunities.

As a region, we aim to align ourselves strongly, ensuring that our positions of strength are leveraged across the region.

Do you have any advice for young brokers and people starting out in the industry?

Firstly, prioritise making regular visits to your clients.

Establishing a personal connection and understanding their environment firsthand can significantly enhance the quality of your service.

Practice active listening. By carefully tuning in to your client's needs and concerns, you can provide more targeted and effective solutions.

Develop a comprehensive understanding of your client's business. This knowledge is essential for tailoring insurance solutions that align with their specific needs and challenges.

Similarly, familiarise yourself with the intricacies of your client's industry. Being well-versed in industry trends and challenges allows you to offer more informed and strategic advice.

Do not hesitate to ask questions. Embrace curiosity as it demonstrates a proactive approach to problem-solving and ensures you have a thorough grasp of your client's requirements.

It's crucial to remember that the solution to your client's needs may not always come in the form of an insurance policy. Explore alternative approaches and be open to creative problem-solving.

Lastly, recognise that the insurance industry is global, presenting opportunities to work in various locations worldwide. Embrace the potential for a diverse and dynamic career path.

How will you be spending your retirement?

By taking a long sabbatical, exploring governance roles where I can add value, consulting with clients, and travelling.

www.covernote.co.nz

11

Feature

Adapting and thriving in a modern working environment How can brokers achieve the right balance between flexibility and productivity in our new ways of working? WTW’s Michael Brown explains.

T

he future of work had already started to change before the Covid pandemic, but it certainly accelerated during those unprecedented times. There were no rules to follow; we had to come up with a way of adapting and thriving to not only create the best possible working environment for our people, but still deliver for our clients.

Stretching well beyond basic work from home arrangements, we saw an opportunity to design our future of work strategy, to get the right balance between flexibility and productivity. A key consideration was how we could maintain vital on the job training, the “learning by osmosis” that occurs in the office, and build a culture where

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December 2023

everyone can be authentic, curious, and bold — in short, ensuring we promoted diversity and inclusion.

Across the globe, we’ve seen a lot of organisations mandate that their employees must return to the office.

WTW New Zealand has taken a different approach, developing a hybrid working blueprint. We call it the WTW Work Styles. It’s one that fosters collaboration and achieves the right results for our clients, while also giving our people the chance to see their kids win awards at school or take pets to the vet.

I have proudly watched the WTW team adapt so well to our work styles. We implemented structured “anchor” days, so that teams can work together in the office at the same

time and on a regular basis. The most important part of this has been focusing on shared learning – our team doesn’t miss out on the technical conversations that help build their knowledge, and all of us have something new to learn, every day.

Part of that learning experience, and our strategy, is embracing inclusion and diversity (I&D), so that our people can be their true selves, whether at home or in the office.

Our mantra at WTW is: we’re better together, because each of us is different – tahi ka kaha ake tatou.

In combining our individual talents, we unlock our collective potential. Our colleague experience has been designed to enhance a strong sense of purpose and belonging, where everyone is heard and valued, and can be their authentic self. We encourage curiosity and innovation, we are bold in our thinking and step into the unknown together, and care about our impact.

To ensure our values and I&D commitments are reflected in every interaction, we have focused on five key areas: Attract and Hire, Develop, Promote and Retain, Culture, and Brand and Insights.

I&D has a direct impact on our ability to grow and succeed. Building a diverse workforce which leverages all our best thinking and efforts is the key to sustaining our

competitive advantage. We know diverse teams make better decisions, are more creative, and are better at solving complex problems.

We also know that our clients place a high value on I&D. WTW, from our global CEO Carl Hess through to our segment and geography leaders, is fully committed to I&D initiatives.

Here in New Zealand, we have more diversity across our business than ever before. We have several colleague inclusion networks, among them Gender Equity, LGBT+, Multicultural, and Young Professionals. Together we celebrate key events like Māori Language Week, Diwali, and Chinese New Year as well as support a number of our staff in having Te Reo Māori lessons.

The WTW Auckland team is also moving to state-ofthe-art offices, designed for hybrid working, fostering collaboration, and reflecting our future of work strategies.

Looking back to life before Covid, I have no doubt that being able to give our staff more flexibility is a real win for our people, our clients, and our business. With our blueprint in place, we have a great base on which to build our people’s knowledge, belonging, and belief that broking offers a challenging and rewarding career.

www.covernote.co.nz

13

Feature

Lockton New Zealand appoints Buckle as CEO G

lobal insurance broker Lockton has appointed Craig Buckle as its New Zealand chief executive officer, effective from January.

Buckle succeeds Peter Lowe, who led the broker group’s expansion into the Pacific region. Lowe retires at the end of the year.

The new CEO has led Lockton’s corporate risk business since 2021 and has been a key part of the group’s growth in the NZ market.

"We are thrilled to welcome Craig to this crucial role," said Paul Marsden, CEO at Lockton Pacific.

"Craig's visionary leadership and unwavering dedication to our company's growth ambitions will propel us to even greater heights and strengthen our client service offering across the Pacific region."

Buckle has over 30 years of experience in corporate risk insurance management and has previously held leadership roles at Marsh, Allianz, and Willis Towers Watson New Zealand.

Lowe retires after more than three years in the top job.

Prior to joining Lockton, he was CEO at Willis Towers Watson New Zealand.

Lockton said Lowe was “instrumental in building successful, client-focused risk and insurance broking firms in the Pacific region”, introducing alternative risk transfer and financing concepts to businesses across America, Asia, New Zealand, Australia, and the Pacific Islands.

"Peter is an accomplished and highly effective business leader," Marsden said. "We are extremely grateful for his contribution to establishing and instilling the Lockton culture in New Zealand. He has successfully launched our business in the country, setting up three offices and assembling a team of 30 highly skilled professionals while earning the trust of many of New Zealand's leading businesses. Currently, Lockton New Zealand manages an impressive portfolio that continues to grow at a rapid pace."

"It's been an honour to lead this great company," Lowe said.. "Very few privately owned firms are as relevant, resilient, and successful as Lockton is today. I leave with the same thought I had the day I became CEO: the best is yet to come for Lockton New Zealand."

Buckle added: "I am thankful to Peter and the Lockton leadership team for their support and confidence in me. We have terrific momentum and the capabilities and expertise needed to drive innovation and growth, deliver critical client solutions, and create value for shareholders. I look forward to partnering with our colleagues to write our next chapter."

Lockton said it was committed to its growth objectives in the Pacific region.

"We are well-prepared to continue our growth trajectory, delivering exceptional value to our customers and stakeholders.”

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December 2023

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Feature

Driven by data and numbers – and a love of people J

ason Phang has been with IAG New Zealand for almost 14 years. He started in the firm’s marketing and reputation team in 2009, looking after NZI. Fast forward to 2023, Jason is now NZI’s manager for portfolio, pricing and analytics in the major customers’ team overseeing close to 35 sizeable customers.

Jason lives in Drury, South Auckland, but was born and bred in Singapore, and fondly remembers his island home country as a busy and bustling place as a child– and later in life - a metropolis of commerce and opportunity.

Jason grew up with his aunt and enjoyed the company of his older cousins. He recalls running wild in the deep monsoon drains and exploring the building sites around the family home without any regard for health and safety.

After finishing university, where Jason completed a bachelor’s degree in marketing, he decided he wanted an overseas experience, which he explains is not the norm for a young Singaporean. However, in 2004 at the age of 28,

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December 2023

Jason decided he wanted to spread his wings, meet some new people, and potentially find employment in another country.

Jason was working in cargo for Singapore Airlines at this time, and while he enjoyed his job, his zest for travel and a new challenge was calling. He wanted to go somewhere out of his comfort zone, and briefly considered China or India.

Encounters in Vietnam While Jason figured out his next move, he set off on a short holiday to Hoi An, Vietnam, a vibrant and colourful one-time trading port from the 15th to the 19th century.

Not long after landing in this well-preserved Southeast Asian hideaway, Jason chanced upon four Kiwi tourists who would change his life-course and career quite dramatically.

“After a few weeks exploring Hoi An’s easy going Old Town and countryside villages, I visited a tailor’s shop to

HUMANS of get a couple of suits made. It was there that I met this group of New Zealanders who were also getting some suits made,” Jason explains.

met Mick a few years ago when they were both working on a project for the claims team – and he enjoyed their working relationship straight away.

Jason says they were next visiting Singapore on their way back to New Zealand – and the timing aligned with his return. Once back in his home country Jason took them on a tiki tour around Singapore, and it was then that they suggested he visit Aotearoa New Zealand.

“Mick has always been a mentor to me - he knows my strengths and weaknesses - and has always helped me improve and reach my career goals.”

Even better, they offered him a job in sales at their coffee shop in Royal Oak, Auckland. He says New Zealand was not on his radar at all, but fondly recalls thinking that life can throw you opportunities, and he wanted to explore this “far-away land of the Long White Cloud.”

Jason told his family he was off on another adventure and this time he wasn’t coming back anytime soon. Jason worked in the New Zealanders’ espresso bar using his marketing skills to expand their corporate sales across the city.

Navigating the world of insurance Jason had transitioned from cargo to coffee and within the blink of an eye he had found an office job at IAG in Auckland city. Although insurance was a completely different industry to Jason’s prior roles, it was his love of people that helped him navigate this vastly different environment.

“I started in the marketing team doing research, customer and broker surveys and analytics to support marketing initiatives,” he says of his first insurance job.

Jason brought a treasure trove of skills and experiences from his previous careers and after five years working across some of IAG’s brands, he joined NZI in 2014 as a Business Performance Analyst. It was here he quickly realised pricing wasn’t just about numbers and data; it was about understanding the unique needs and expectations of customers and brokers.

His manager at the time, Carl Elliot, manager of business operations at NZI, cherished Jason’s ability to merge data analysis with a deep understanding of what brokers required, and he was seen as an immediate asset to the team.

“My job revolved around numbers and analytics and colourful presentations. Data is only one part of the equation, however, because behind these numbers are our customers and brokers,” Jason says.

Jason goes on to explain that data alone can be extremely inadequate, and he spent a lot of time talking to front-line teams and colleagues across the business to get a good commercial understanding of where NZI was at.

“If you take data and combine that with your on-the-ground knowledge it helps you form a more holistic view of an organisation.”

New beginnings In March this year Mick Miller, executive manager for major customers, asked Jason to join his team. Jason had

Jason says NZI’s major customers’ team strives to work in partnership with their brokers to do the right thing by their mutual customers.

“We’re not just an insurance company; we want to help look after the environment, be good corporate citizens, and most importantly provide the right support and knowledge for our brokers and customers.”

Jason says customers appreciate honesty and openness. He says a well-informed team is an asset, and they believe that a good customer experience is not just about the service NZI provides but being able to listen to its customers’ concerns while showing empathy.

“Insurance is a fundamental part of our lives, and NZI continues to provide its customers with peace of mind for their business in an ever-changing world,” he says.

A love of photography Photography has always been a haven for preserving Jason’s mental health through his love of shooting scenes and people and looking at life through a lens.

“As a kid I hated having my photo taken because my Mum would always stage me, and I’d have to stand a certain way, smile when she said “smile” and it was so hot and humid in Singapore, and so frustrating!

“My father passed away when I was six months old, and Mum had told me he worked for a photography company, so I picked it up later in life as a way of connecting with him and his passion. When I’m behind my lens, I’m in my own zone and I love photographing people and capturing Aotearoa’s breathtaking beauty.

“I like playing with Auckland city’s shadow and light in the early morning, and interestingly, for a city boy, I now adore the countryside. I have some great photos of the farms around Drury and the Hunua Ranges that I visit regularly.”

Jason uses a Fuji film camera which is very retro, and he prints his own photos which are proudly displayed in his study. “I like to look at my progress and different reminders and experiences. Our land, our people, they make me happy; taking photos is a wonderful hobby.

Like the landscapes Jason shoots, the insurance industry is evolving and changing, especially with the effects of climate change.

“The insurance industry has changed quite dramatically over the past two years, and it’s crucial that I can explain the data and statistics to my team, so they can explain the rationale behind some of our decisions to our customers.

“At the end of the day, it’s our customers who matter – and we want to ensure we look after them as we all navigate this new era in Aotearoa New Zealand.”

www.covernote.co.nz

17

Feature

Court of Appeal decision focus Leisure Investments NZ Ltd Partnership v Grace [2023] NZCA 89

By Cecily Brick, partner, Fee Langstone

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December 2023

Earlier this year, the Court of Appeal upheld a High Court decision finding the owners of the Christchurch Adventure Park liable for losses caused to neighbouring property owners whose homes were damaged by the spread of fire from the Park. The case concerned the (un)reasonableness of the Park not removing burning chairs from a chairlift, amidst dangers from approaching flames. The Court’s endorsement of the assessment of damages based on reinstatement cost for plaintiffs who would not be reinstating indicates a more flexible approach to assessment of damages than many would have expected.

Background On 13 February 2017, an arsonist started a fire in an area of the Port Hills known as Marleys Hill. Coincidently, a second fire had started earlier that day due to an electrical equipment failure. Both fires were in close proximity to the Christchurch Adventure Park. The Park boasted several mountain bike tracks, hiking trials and a zipline. A key feature was its chairlift which operated in a wide corridor of cleared pine trees. It carried bikers, hikers and zipliners to the top.

At around 9:30 pm on the Monday, the Marleys Hill fire was only 300 metres from the top chairlift station and by midnight it had entered the Park’s boundary. The Park’s owner, Leisure Investments, made the decision to keep the chairlift running. This was done in accordance with the safety and operations manual in order to protect the haul rope from heat concentration. On Tuesday, complications developed as chairs and bike carriers began to clump together on the line and the fire drew closer to the chairlift.

Staff began to remove rails from the bike carriers to separate the clumps of chairs and carriers.

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19

Feature

By Wednesday, both fires had combined. Late that day an ablaze chair was seen coming down the hill. The chairlift kept running and several more chairs caught fire.

As a result, molten plastic dripped down onto the dry pine slash, igniting spot fires. It was common ground that, had the spot fires not started, the fire would have drifted south, clear of the respondents’ properties.

unreasonable, judged by the standard of effort required of the Park with its knowledge and resources in a situation where it was confronted with a fire not of its own making.

Strict liability applied under the Forest and Rural Fires Act as the Court judged Leisure Investments to be responsible for transporting the fire to a new location and therefore liable for an outbreak of fire.

The High Court Decision

Damages

In the High Court, Leisure Investments faced a claim alleging liability under s 43 of the Forest and Rural Fires Act 1977, negligence and nuisance. Gendall J found it liable on all three causes of action and ordered the Park to pay damages of over $10 million. A key finding was that a reasonable operator in the position of Leisure Investments would have appreciated that the plastic on the chairs would melt and create a risk of fire spread, and would have removed the chairs.

The proceeding was brought by the homeowners’ insurer, and the High Court largely assessed costs based on the insurance payments received by the owners plus additions for uninsured losses which were proved. The High Court awarded damages largely based on “new for old” reinstatement costs rather than the actual value of the property lost by the owners. The High Court took this approach even where owners had made a decision that they would not reinstate, and would therefore never incur the reinstatement costs they claimed. The High Court rejected Leisure Investments’ argument that this measure of loss included betterment for which it should not be held liable.

The Court of Appeal Decision On appeal, Leisure Investments’ case was that it had behaved responsibly. It argued it had co-operated with the authorities, acted in accordance with industry best practice, and sought advice from the chairlift manufacturer, which it followed. The Court was sympathetic but ultimately agreed with the High Court decision. The Court noted that Leisure Investments was aware of the close proximity of the Marleys Hill fire. It had previously identified that fire was the greatest risk to the Park, and knew that the chairlift corridor ran through forest plantation and adjoined urban development. The Park was conscious of a reasonable possibility of a major crowning forest fire in the corridor, where there was a considerable quantity of dry pine slash beneath the chairlift. The Park was aware, too, that the chairs were coated in plastic which could catch fire.

The Court concluded that on the Tuesday there was sufficient cause for concern that a reasonable operator would have started to remove the chairs from the chairlift

by Tuesday afternoon at the latest, rather than leaving it until 9:30 am the following day.

The Court upheld the High Court findings of liability in negligence, nuisance and under s 43 of the Forest and Rural Fires Act 1977. The Court found that the actions of Leisure Investments in dealing with the fire were

On appeal, Leisure Investments challenged the High Court’s assessment of damages as contrary to the principle that a plaintiff should have an intention to reinstate in order to be awarded the cost of reinstatement as compensatory damages for physical damage to property.

The Court of Appeal held that while it is usual to require an intention to reinstate in order for damages to be assessed at cost of reinstatement, there are no absolute or rigid rules when awarding compensatory damages.

The Court’s task is to assess whether cost of reinstatement is a reasonable measure of damages. Usually, a lack of intention to reinstate will undermine the reasonableness of a claim for reinstatement cost. However, other compelling circumstances can make it reasonable to assess costs on this basis, and this test was found to be proven for owners who, having rebuilt after the earthquakes, could not face rebuilding a second time. Another owner who rebuilt a smaller home due to uninsurance was compensated for the full notional cost of rebuilding a larger home on the rationale this delivered a just outcome.

The appeal was dismissed in its entirety.

Comment Cecily Brick

A point of interest in this decision is the Court of Appeal’s endorsement of the High Court’s approach to damages, which was influenced by the actual payments received by the owners from their insurer. Many will view it as unorthodox for the Court to award reinstatement costs to plaintiffs who will not incur those costs, resulting in what could be considered a windfall exceeding the value of the property they lost. Assessing quantum on this basis is especially surprising given that the Park did not deliberately cause the owners’ losses, and was put in a difficult position not of its own making. The decision seems to have been influenced by the traumatic circumstances, and it will be worth watching whether this approach gains traction in future cases.

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December 2023

So long, ordinary vehicle insurance.

Star Insure designs policies for drivers who forge their own paths. Customers like yours, who live life on their terms and escape the monotony in vehicles that are anything but ordinary. From classic cars, motorsport and vintage, to motorbikes, campers and RVs; Star understands those wheels are a means of escape and they help protect them.

Contact your key account manager to help your customers escape the ordinary.

Call: 0800 250 600

Visit: starinsure.co.nz

www.covernote.co.nz

21

Feature

Vero upskills staff following EQC claims surge V

the commencement of the Natural Disaster Response Agreement (NDRA), which saw insurers manage the land claim on behalf of EQC.

Nearly ten months after the Auckland floods and Cyclone Gabrielle, the insurer is upskilling staff as it continues to deal with claims.

The agreement aimed to help customers have a single point of contact for their claims and enable insurers to look after the entire process, removing duplication, double-handling and uncertainty.

ero Insurance New Zealand is providing additional training for employees to become assessors for EQCover claims under the EQC Act after a surge in claims.

David Drillien, head of disaster response at Vero, said the team was working with their project management partners, Morgan Project Services, to provide the opportunity to team members and further assist customers.

Toka Tū Ake EQC requires assessors to be suitably qualified under a specific framework to be able to undertake the work.

"The Auckland and Northland flooding and Cyclone Gabrielle earlier this year brought on a larger volume of claims than we had ever worked through at one time before. As these events become more common, having more people with the skills to assess the Toka Tū Ake EQC component of claims is beneficial for both our business and our customers."

Bevan McGillivray, loss adjustor at Vero and an assessor for EQCover claims, undertook the training and said it would help minimise incorrect information during the assessment process and support customers further.

Jamie Burnett, NDRA delivery manager for Morgan Project Services, said the training would provide Vero with a huge amount of scalability for future weather events.

In 2020, the insurer was one of many private underwriters who announced alongside EQC Toka Tū Ake 22

December 2023

Drillien said the upskilling would improve support for New Zealanders affected by natural disasters.

Many workers at Vero and Morgan Project Services were eligible for the training, which consists of a multi-day course with a variety of assessments that participants must finish.

"As we have been upskilling more people, we’re getting better at facilitating the training each time, so have been able to improve on our processes for future employees completing the course," says Burnett.

WINNER

2023 Network of the Year, ANZIIF Awards.

We’re honoured.

This award is for the 57 practices and their 375 staff throughout the country who deliver outstanding service and advice to their clients, day in and day out. We celebrate this award with all of you.

Thank you ANZIIF for the recognition, it’s deeply appreciated.

See you in 2024.

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23

Feature

NZI supports businesses with electrical safety

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December 2023

N

ZI is helping businesses manage and mitigate electrical safety and lower the risk of commercial fires.

The group’s electrical safety inspectors, Toby Lancaster and Zak Dean, are working to identify customers’ electrical hazards, which are known to be key contributors to commercial fires.

NZI says the initiative is an industry-first. The group’s electrical assessment team visited 300 customers last year, identifying “serious defects” at 20% of sites, which could have led to fires and business interruption.

“I’m incredibly proud of the stories behind these stats,” said Garry Taylor, EGM of NZI. “One customer story that tugs at the heartstrings was a recently renovated dance studio in Auckland.

“When our team visited there were 20-30 young children inside having dance lessons.

The inspector could smell something suspicious, and thermal imaging revealed the timber behind the switchboard was heating up and there was no doubt an electrical fire was imminent” “The business owner was on-site and notified the property manager, an electrician was dispatched that afternoon, and the problem was rectified – needless to say the children vacated the building out of precaution,” Taylor added.

“The owner was incredibly relieved once the electrician had fixed the issue, and our team is satisfied the customer now has peace of mind for their business.

“I’m thrilled with how our electrical Inspectors are helping our customers stay in business, and making their world a safer place, by reducing distress and inconvenience should they suffer a loss that could have been avoided.”

The insurer shared its top tips to help mitigate electrical fire hazards: • Put a regular electrical maintenance plan in place and visually check your electrical switchboard, cables, light fittings regularly.

• Ask your broker to book an appointment with one of NZI's Electrical Inspectors who are trained experts in identifying common electrical hazards.

• Don’t overload your electrical outlets.

• Turn off appliances, machinery and electronics when not in use.

• Install adequate smoke detectors and have fire extinguishers readily available.

• If you notice any strange smells coming from any appliance/switchboard, call a certified electrician immediately.

www.covernote.co.nz

25

Feature

launches apprenticeship programme R

epairhub, AMI, State, and NZI's specialist vehicle repair centre, has launched an apprenticeship programme to attract new talent to the industry.

“The collision repair industry as a whole has been struggling to find enough talented workers for some time now,” said Dean MacGregor, AMI, State and NZI’s executive general manager for supply chain & adjacencies.

“And with New Zealand’s growing population, we need to ensure we’re set up to support customers when they need us.”

Repairhub has seven facilities across Auckland, Christchurch, and Hamilton, and plans to open more sites in the years ahead.

The repair specialists will run a comprehensive apprenticeship programme overseen by a dedicated training manager, which will see support technicians in Auckland and Christchurch work alongside apprentices to mentor and support recruits with their studies.

Gary Geeves, CEO of Repairhub said: “At the moment, we have 22 apprentices across our sites. But we’re ambitious to grow that; we aim to be the place to come for young people wanting to start out in the collision repair industry.”

Repairhub apprentices will complete the New Zealand Qualification Authority's Level 3 programme, during which they will gain experience in all four areas of the Repairhub business: detailing and grooming, stripping and assembling, panel beating, and painting.

On successful completion, trainees can then move to Level 4, where they begin to specialise in either panel beating or painting.

Geeves added: “Students who choose to focus on painting at level 4 get a chance to learn advanced techniques in painting and awareness of all the new tech coming through. Panel beating students in Christchurch have the benefit of our dedicated training area, which consists of two classrooms and an open plan workshop where they can work on cars.”

The apprenticeship programme runs for 3-4 years, giving trainees a New Zealand Certificate in Collision Repair and Automotive Refinishing, providing a pathway to employment opportunities in the industry.

Repairhub is actively recruiting for the programme, promoting it through job fairs, women in trades expos, school visits and career days. The team is also working with the Hanga-Aro-Rau Workforce Development Council to attract more Māori apprentices and permanent Repairhub team members.

“This isn’t just about Repairhub, but about contributing to the wider sector as well,” Geeves added.

“We work closely with MITO (Te Pūkenga) and other private repairers to ensure our training is up to date and relevant. Ultimately, it’s about ensuring we are leading the way in collision repair and are offering excellent service to our customers.”

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December 2023

www.covernote.co.nz

27

Feature

28

December 2023

Detection and response tools important as cyber claims surge T

his year has seen a “worrying resurgence” in ransomware and extortion claims, Allianz Commercial warned in a new report.

Following two years of high but stable loss activity, dangerous online activity is on the rise, according to the insurer.

Hackers are increasingly targeting IT and physical supply chains, launching mass cyber-attacks, and finding new ways to extort money from companies, large and small, it said.

The majority of ransomware attacks now involve the theft of personal or sensitive commercial data for the purpose of extortion, which raises the cost and complexity of incidents while also increasing the potential for reputational damage.

Allianz Commercial’s analysis of large cyber losses shows the number of cases in which data is exfiltrated is increasing every year – doubling from 40% in 2019 to almost 80% in 2022. This year is significantly higher, the insurer warned.

“Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their tactics,” said Scott Sayce, global head of cyber for Allianz Commercial.

“Based on claims activity during the first half of 2023, we expect to see around a 25% increase in the number of claims annually by year-end. The attackers are back, and focused again on Western economies, with more powerful tools, enhanced processes, and attack mechanisms.

“Given this dynamic, a well-protected company is necessary to stand up to the threat and, increasingly, the most important element of this is developing strong detection and fast response capabilities.”

www.covernote.co.nz

29

Feature

THE ATTACKERS ARE BACK, AND FOCUSED AGAIN ON WESTERN ECONOMIES, WITH MORE POWERFUL TOOLS, ENHANCED PROCESSES, AND ATTACK MECHANISMS. Scott Sayce Global head of cyber for Allianz Commercial

According to Allianz Commercial’s report, Cyber security trends 2023: The latest threats and risk mitigation best practice – before, during and after a hack, the frequency of cyber claims stabilised in 2022, reflecting improved cyber security and risk management actions among insured companies.

The study also found that law enforcement agencies targeting gangs and the Ukraine-Russia conflict helped curtail ransomware activity.

However, Allianz found that ransomware activity alone was up 50% year-on-year during the first half of 2023.

Ransomware-as-a-Service (RaaS) kits, with prices starting as low as US$40, continue to be a major driver of attack frequency. Ransomware gangs are also carrying out more attacks more quickly, with the average number of days required to carry one out falling from around 60 days in 2019 to four.

Early detection important Allianz argued that protecting an organisation against intrusion remains a cat-and-mouse game, in which cybercriminals have the advantage.

Allianz's analysis of more than 3,000 cyber claims over the past five years showed that external manipulation of systems is the cause of more than 80% of all incidents.

The report found that threat actors are now exploring ways to use artificial intelligence (AI) to automate and accelerate attacks, creating more effective AI-powered malware, phishing, and voice simulation.

Allianz Commercial noted a growing number of incidents caused by poor cyber security in mobile devices, and predicted a further rise in mobile attacks.

The insurer said early detection, response capabilities and tools were more important than ever for businesses.

Attacks not tackled early were more difficult and expensive to halt, it said.

“Traditional cyber security has focused on prevention 30

December 2023

with the goal of keeping attackers out of a network,” said Rishi Baviskar, global head of cyber risk consulting for Allianz Commercial.

“While investment in prevention reduces the number of successful cyber-attacks, there will always be a ‘gap’ remaining that will enable attacks to get through. For example, it is not possible to stop all employees from clicking on increasingly sophisticated phishing emails.”

The underwriting group said companies should direct additional cyber security spend on detection and response, rather than just adding more layers to protection and prevention.

Only one-third of companies discover a data breach through their own security teams. However, early detection technology is readily available and effective, the group said.

“Detection systems are constantly improving and can save lots of pain, decreasing detection and response times. This is something we look for in our cyber risk assessments and underwriting,” Baviskar added.

Cyber breaches that are not detected and contained early can be as much as 1,000 times more expensive than those that are, the report highlighted.

Allianz Commercial analysis found that early detection and response can stop a €20,000 loss from turning into a €20 million loss.

“Prevention drives frequency of attacks and response is responsible for how significant the loss will be – whether it is a minor IT incident or a corporate crisis,” said Michael Daum, global head of cyber claims for Allianz Commercial.

Daum added: “We believe companies can meaningfully prepare and there is room for improvement in how they respond to these attacker threats. Ultimately, early detection and response capabilities will be key to mitigating the impact of cyber-attacks and ensuring a sustainable cyber insurance market going forward.”

IFSO Case Study

Flood-damaged car not fully covered W

hen Rawiri’s* car was damaged in the Auckland floods, he thought he would be fully covered, having arranged car insurance with an agreed value of $19,000 just a year earlier.

However, when Rawiri made his insurance claim, the insurer offered him just $14,000, after deduction of a $400 policy excess. This was based on Rawiri’s latest policy renewal documents, which the insurer had sent him a month prior to the flood.

His renewed policy had a lowered agreed value of $14,400, a 24% decrease.

Unfortunately, this amount was below the market value of the car. Rawiri complained, saying the decreased agreed value hadn’t been properly communicated to him.

The IFSO Scheme believed that a 24% reduction in agreed value for a used car after just one year

was unusual. As vehicles get older and depreciate, insurers normally reduce their agreed value at the time of policy renewal, however not usually as much as 24%.

Generally, it is up to an insured person to read and understand the terms and conditions of their policy. However, the law requires unusual clauses to be brought fairly to the notice of the insured.

The insurer hadn’t included any warning in its cover letter or email alerting Rawiri to the decrease, and the agreed value stated on page 3 of the schedule was not highlighted in any way.

Following the case manager’s discussions with the insurer, it offered to settle the claim by paying Rawiri $17,500.

Complaint settled

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* name changed

The law requires insurers to bring any onerous or unusual terms to the attention of their customers.

In this case, the insurer should have clearly notified its customer of the unusual reduction in the agreed value of the car.

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December 2023

FSCL Case Study

Loose bolts cause dispute I

ris* works for a mining company that has a commercial motor vehicle insurance policy with the insurer. Iris regularly operates the company’s excavators.

In August 2022, a mechanic came to the company’s site to repair and service one of the excavators. The mechanic noticed rust on the bolts that secure the excavator’s arm. The mechanic tightened the bolts with a spanner and ordered replacements. Before he left the site, the mechanic told Iris to tighten the bolts before using the excavator again.

Three days later, Iris used the excavator. Iris checked the bolts by hand before starting the excavator. While Iris was operating the excavator, the bolts came loose, and the excavator suffered extensive damage.

Iris submitted a claim to the insurer under the company’s commercial motor vehicle policy. The insurer declined Iris’s claim.

The insurer applied a policy exclusion that said they were not required to settle any claims for damage in connection with an insured’s failure to service the excavator in compliance with industry standards.

Iris complained to FSCL in May 2023.

Dispute Iris disagreed with the insurer’s decision to decline her claim. Iris said that she did not forget to tighten the bolts before operating the excavator on the day it failed. Iris said she checked the bolts’ tightness by hand that morning and she was satisfied that they were tight enough.

The insurer said that they were entitled to apply the policy exclusion to decline Iris’s claim.

Review FSCL looked at the insurance policy wording and Iris’s emails with the insurer.

FSCL concluded that it was reasonable for the insurer to decline Iris’s claim and thought that the insurer had correctly applied the policy exclusion. FSCL did not think Iris had complied with industry standards by checking that the bolts were hand-tight. Iris should have used a tool to check the bolts’ tightness, like the mechanic had.

Resolution

FSCL said that Iris should discontinue her complaint. Iris disagreed with the decision but did not provide any further information to change FSCL’s view.

* name changed

INSIGHTS FOR CONSUMERS

If there is any doubt about what an insurance policy covers, consumers should reach out to their broker, insurer, or an independent adviser for clarity.

www.covernote.co.nz

33

FSCL Case Study

Policy renewal pain leads to complaint

34

December 2023

H

enry* owns an adventure tourism business.

Henry has insurance for his business arranged through his insurance broker. In February 2023, the broker told Henry that his policies were due for renewal in March 2023.

The broker sent Henry a policy renewal declaration form to complete. Henry returned the renewal declaration form ten days later. On the form, Henry declared that his business had started operating helicopter tours. Henry also added two cars to his commercial motor vehicle insurance policy.

The insurance broker began to ask insurers for aviation insurance quotes for Henry. Henry and the broker had a meeting about Henry’s policy renewal on 6 March 2023. The broker emailed Henry’s insurer on 9 March 2023 to check whether Henry’s policy renewal terms were ready.

The insurer said they needed more time to prepare Henry’s policy renewal terms, so they agreed to extend Henry’s policy renewal deadline.

On 15 March 2023, the insurer told Henry’s insurance broker that they had reissued Henry’s policy renewal terms with higher premiums in response to a 14 March District Court ruling. The insurer thought that the District Court’s ruling would lead to higher legal defence costs for adventure tourism businesses generally, which prompted them to increase Henry’s premiums.

The broker challenged the insurer’s increased premiums. The insurer agreed to reduce Henry’s premiums in response to the broker’s request.

Three of the four other insurers that Henry’s broker had approached for insurance quotes were not interested in insuring adventure tourism insurance businesses. Henry declined the fourth insurer’s offer because he did not want aviation insurance, despite declaring on his renewal declaration form that his business was operating helicopter tours.

On 27 March, the broker confirmed that Henry’s insurance policies had renewed. The broker also told Henry that his premiums were going to increase.

Henry was unhappy. Henry felt that he did not have an opportunity to make other arrangements.

Henry complained to FSCL on 7 May 2023.

Dispute Henry said that he had lost the opportunity to arrange insurance elsewhere because of his broker’s late renewal notification.

Henry complained that his broker did not tell him

that his premiums were going to increase before his policies renewed, and that his broker should not have tried to sell him aviation insurance, which he had not asked for. Henry wanted the broker to provide their services free of charge until March 2024, which would have saved him a considerable amount of money.

Henry’s broker apologised for their late policy renewal notification. They offered to forgo commission on Henry’s insurance until June 2023 to give Henry time to find a new broker.

Review FSCL thought that the broker had done their best for Henry in all the circumstances.

The insurance industry was under a lot of pressure because of the Auckland floods and Cyclone Gabrielle in early 2023. The stress of these events had caused communication delays between insurers, brokers, and consumers, and contributed to Henry’s late policy renewal.

The broker did not expect Henry’s insurer to reissue Henry’s policy renewal terms with higher premiums.

The broker expected to receive Henry’s policy renewal terms from the insurer by 10 March 2023, but the insurer did not provide them until 15 March.

This delay was extended because the broker argued about the premium increase on Henry’s behalf and got the insurer to agree to reduce them, which was in Henry’s best interests.

The increases in Henry’s premiums were in line with industry trends following the extreme weather events in early 2023.

Henry declined the only quote the broker was able to obtain from another insurer because he did not want aviation insurance.

FSCL thought that the broker confirmed Henry’s premiums were going to increase within a reasonable timeframe. The broker was not aware that Henry’s premiums were going to increase significantly until 15 March, when Henry’s insurer reissued their policy renewal terms. The broker told Henry that the insurer had reissued their renewal terms with significantly higher premiums on 17 March, and then tried to find other insurers who were offering lower premiums.

Resolution

FSCL recommended that Henry should discontinue his complaint. Henry disagreed with the decision but did not provide any new information, so the case was closed.

* name changed

INSIGHTS FOR CONSUMERS

It is important to keep in mind that your insurance broker may not always be able to get you the outcome you want from the insurer. You should consider your broker’s process, as well as the outcome, when trying to determine whether they have acted in your best interests.

www.covernote.co.nz

35

Ask an Expert

Is driveway road insured?

QUESTION

Hello At the end of a public road there is a tar-sealed road that winds up a hill and allows access to half a dozen homes. This road is named and appears on Google Maps. The six properties each have their own private sealed driveways that lead off this road.

The homeowners have asked as to what insurance (if any) would there be on the road which connects to their driveways. Specifically, they have asked whether their respective private insurers and/or EQCover would cover damage to this road or the land under the road or whether cover under their private insurance policies and EQCover would stop at the end of their own private driveways.

Presumably the ownership of the road is relevant and also what is shown on their respective certificate of titles.

Any advice to determine the insurability of this road would be welcomed.

LUKE BARDSLEY This is a classic and one of the most challenging domestic claim scenarios.

Here is an attempted answer from an NZ perspective: The Title Deed is the starting point for approaching an answer to this question. If the Deed shows no legal ownership/right of way to the road, then insurers won't provide cover. The 'insured property' definition in the wording is usually: 'the address shown in the policy schedule' and the address noted in the schedule is defined in law by its 'Lot number' which is shown on the Title. Insurers wouldn't have any any obligation to provide indemnity for property outside of the legal 'Lot', or where there is no 'right of way' referenced in the Title.

Do you have a question for our experts?

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December 2023

Ask an Expert

Vehicle stolen on the job

QUESTION

Hi all, Would love your thoughts on a current claim we have had a declinature on.

Our client has arrived at their work site where they have parked across the driveway due to a Ute and trailer being parked in the actual driveway. The client was dropping off a few supplies for the job and only intended to run in and out as they had to move on to another job, and they have left their keys in the vehicle, with all windows wound up which are tinted.

However, when they have gone inside an employee has asked them questions and during this time of 5-10 minutes their vehicle has been stolen from the drive way. There were other tradies working in the driveway who didn't realise a stanger had jumped into the vehicle and taken it.

The insurer has declined the claim on the basis of believing that the client did not take reasonable care. We are curious to your opinion on this, as we believe this is a moment of lapse in judgement and they should be given the benefit of the doubt in this instance.

CROSSLEY GATES The issue here is whether the insured has been merely negligent (covered) or reckless (not covered).

Determining which side of the line the insured is on requires a close analysis of all the facts. The greater the value of the item stolen and the smaller the effort required by the insured to avoid the theft, the quicker a court will be to find the insured was over the line and reckless. Another factor is whether the vehicle remained in the insured's line of sight the whole time. I will assume it didn't.

Here, the effort required by the insured to remove the keys from the ignition and take them with him was minor compared to the loss arising from the theft of the vehicle. Leaving the keys in the ignition when the vehicle can no longer be watched also counts against the insured.

I believe a court would probably side with the insurer and hold it was reckless. There is an English case where the owner of a Porsche left the keys in the ignition of his car when he went to pay for gas at a gas station, when the car was driven away by a thief. There is a New Zealand case where a pizza delivery driver left the keys in the ignition when he delivered a pizza to a house which involved him in losing sight of his vehicle, and it was driven away. In both cases, the court found the insured reckless.

If so, visit iNavigator, www.inavigator.co.nz, or the IBANZ website, www.ibanz.co.nz - and let us know. www.covernote.co.nz

37

Ask an Expert

Is a sea wall a retaining wall?

QUESTION

Hi, I have a question from a client that has left me stumped!

They have a sea wall - rocks piled in front of their property to keep soil back from the beach and stop the tidal action of waves from eroding the land. The wall is within 8 meters of the home.

I can’t find a suitable definition for "retaining wall" within the wording, so in the first instance could this “structure” be considered a retaining wall and secondly would it then be covered by EQC or the policy depending on the type of loss and event?

The “wall” is manmade – it was deliberately placed so I would have thought that it would fall into the definition of retaining wall – but I thought I would ask if anyone has come across this before or more importantly had a claim paid…

Many thanks

EQC In general, a retaining wall is a wall built to support earth at a higher level on one side of the wall than on the other side of the wall.

A retaining wall may: •

be self-standing;

•

be anchored into the land it retains;

•

be below ground; or

•

get structural support from the land it retains.

Retaining walls take many forms. Examples include (but are not limited to) timber pole, steel pole, concrete block, mass block, dry stack, gabion basket, shotcrete (with anchors), sheet piling, crib, geogrid reinforced fill, or keystone (gravity) retaining walls.

From the description of your client’s wall, the wall may be considered to be an erosion protection wall as opposed to a retaining wall, however it could be both. If a claim was made, we would need to consider the specific facts and construction in relation to your client’s wall to determine if it was a retaining wall.

If the wall was confirmed as a retaining wall, for it to have cover under the EQC Act 1993 it would also need to: •

be situated fully within the land holding and

•

within 60 meters of the insured building and

•

necessary for the support or protection of the building

If you require further information based on the specifics of your query you can contact us at eqcover@eqc.govt.nz

38

December 2023

Ask an Expert

Hose clamp causes chaos

QUESTION

A client had a hose clamp come off an air hose causing the trailer to lose air pressure and the brakes to jam on causing the tyres to lock up and creating flat spots - 12 tyres were damaged.

The relevant section of the policy wording re: Tyres reads, 'This policy does not insure damage to or destruction of tyres. However, this exclusion will not apply if the damage or destruction results from separate loss that is covered by this policy.'

The insurer has advised that as there 'has been no accident that has caused the clamp to come off and unfortunately in this instance the policy would not respond.'

While it appears straightforward, the interesting thought to me is that if this had occurred and the trailer had impacted with another object then there would be cover under the policy and in that situation the tyres would be covered - but because there was only the damage to the tyres they are not?

As well this event is not simply a matter of braking causing the damage to the tyres - there was a failure of a hose clamp that resulted in lose of air pressure causing the brakes to lock up.

I have still to go back to the client to clarify/explore if there was a potential external cause for the hose clamp to come off providing the accidental cause - at this stage we only know that the hose clamp came off.

Interested in your thoughts? Is there any potential to argue?

CROSSLEY GATES Hose clamps don't usually come off for no good reason. Something must have broken the clamp or an external force must have been exerted on it. This is a fortuity and I imagine the clamp was damaged.

If this damage is covered under the policy (wear and tear being an obvious reason why it is not) then the resultant damage to the tyres is covered.

The key is finding out what happened to the clamp and why.

Do you have a question for our experts?

If so, visit iNavigator, www.inavigator.co.nz, or the IBANZ website, www.ibanz.co.nz - and let us know. www.covernote.co.nz

39

FEBRUARY 2024

CALENDAR OF EVENTS 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

FEBRUARY 8 ::::: TOPIC: The art of time management PRESENTER: Jean Barr We are all busy and time management is something we struggle with. Your outcomes will be how to forecast your business through time management, planning and being strategic. This helps with levelling out your workload and dealing with the unexpected calls and events that we deal with every day.

FEBRUARY 13 ::::: TOPIC: PIDO presentation PRESENTER: Jeno Capo - Ando This session will cover underwriting considerations and key elements in a PI submission.

FEBRUARY 14 ::::: TOPIC: Catch fire before it starts PRESENTER: Andrew Greatbatch & Toby Lancaster - IAG Andrew will introduce why NZI have decided to invest in Electrical Inspectors. History of Electrical defects for our industry and what we traditionally did (Risk Improvements). Toby will outline the importance of electrical maintenance and safety and what he’s found to date.

FEBRUARY 21 ::::: TOPIC: Personal grievances in restructuring, and employment status claims PRESENTER: Anthony Drake & Rosie Judd - Wynn Williams Many employers consider restructuring their businesses to adapt to changing economic conditions. This session will address what employers can do to minimise the risk of personal grievance claims arising from restructuring. Also, we will address how businesses can best avoid and defend claims from contractors that they are actually employees (an increasingly common situation).

FEBRUARY 22 ::::: TOPIC: Building an unshakeable mindset (Part II - the requested deeper dive) PRESENTER: Bruce Ross - Ignite Building on Bruce's October '23 webinar (same name), Part II will repeat key themes covered in his previous webinar with 60% new content including proven, science-backed insights and tools to create your unshakable mindset, so you can consistently create extraordinary results across your business, finances, relationships (and life).

FEBRUARY 29 ::::: IN PERSON ONLY EVENT IN AUCKLAND - 1.00pm-4.00pm TOPIC: Marine workshop PRESENTER: IBANZ/ICNZ The programme includes topical cargo clauses, inherent vice and latent defects, pleasurecraft risk management and loss prevention, bills of lading and e-documents.

40

December 2023

MARCH 2024

APRIL 2024

MARCH 5 ::::: TOPIC: Business interruption insurance for beginners – Part 1 PRESENTER: Mark Anderson - Commercial Loss Management

APRIL 3 ::::: TOPIC: Focus on the Code of Professional Conduct for Financial Advice Services PRESENTER: Angus Dale-Jones - Financial Advice Code Committee

In one hour we share some of the actual issues we experience and how we resolve differences to get to a fair claim settlement.

More details to come.

MARCH 6 ::::: TOPIC: General liability PRESENTER: Connor Seaman & Sharna Garbett - Delta

APRIL 4 ::::: TOPIC: Introduction to insurance and broking PRESENTER: Simon Moss - NZBrokers

General Liability cover protects against the cost of compensating third parties if they suffer a personal injury or damage to their property for which you are legally liable. Join the Team at Delta Insurance as they explain what a General Liability policy covers, how it responds at claims time, with a particular focus on areas to watch and where there might be gaps in cover.

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. The session is intended for those who have commenced their insurance career in the last year or two, or those who have recently started work as a support or client facing broker.

MARCH 7 ::::: TOPIC: Weather-related complaints PRESENTER: Stephanie - FSCL

APRIL 10 ::::: TOPIC: Online presence and visibility PRESENTER: Leanne Coste - Better your Biz

FSCL has investigated several complaints arising out of the 2023 flooding events and Cyclone Gabrielle. In this webinar Stephanie will highlight some of the issues that have emerged in these complaints, and the types of resolutions reached.

Your online presence and visibility helps you to connect with your current and potential customers online. In this webinar Leanne will show you how to improve your online presence and visibility so that prospects can find you online and also how to create trust which helps people to choose you over your competition.

MARCH 13 ::::: TOPIC: Natural disaster PRESENTER: Emma Gabor - Gabor Law The frequency and intensity of natural disasters have increased in recent years. In this seminar, we discuss the dual insurance system we have in New Zealand.

MARCH 14 ::::: TOPIC: Negotiation skills workshop series - Part 1 PRESENTER: Trevor Slater - Dispute Resolution Practitioner In this three-part masterclass attendees will explore the skills of a good negotiator and how these skills can be applied in providing financial advice as an insurance broker.

MARCH 19 ::::: TOPIC: Underground services – risks, cover and claims PRESENTER: Jeff Stagg - McLarens A session to cover the general policy requirements for Underground Services extensions or exclusions, the contractual and common law position, council bylaws, Before U Dig and claims issues. Also issues with services on redevelopment (Brownfield) sites.

MARCH 20 ::::: TOPIC: What keeps employers up at night PRESENTER: Alan Knowsley - Rainey Collins Employment issues continue to be a pressing concern for employers. In this informative webinar you will hear from Alan Knowsley of Rainey Collins Lawyers as he discusses the most common issues that keep employers awake at night.

APRIL 11 ::::: TOPIC: Natural Hazard Insurance PRESENTER: Toka Tu Ake EQC An overview of insurance provided under the EQC Act for homes and some residential land in New Zealand, how claims are being delivered through private insurers and general updates around the scheme such as reinsurance, levies and upcoming legislative changes.

APRIL 16 ::::: 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.

APRIL 18 ::::: TOPIC: Negotiation skills workshop series - Part 2 PRESENTER: Trevor Slater - Dispute Resolution Practitioner In this three-part masterclass attendees will explore the skills of a good negotiator and how these skills can be applied in providing financial advice as an insurance broker.

APRIL 23 ::::: TOPIC: Run off PRESENTER: Ian Thompson - Vero Liability In the current economic environment we are seeing significantly increased numbers of SME market clients retiring, ceasing to trade or selling their businesses. In this seminar we will look at how liability policies trigger and consider claim scenario’s explaining why putting these coverages into run off is often very important. www.covernote.co.nz

41

IBANZ Topics

MAY TO DECEMBER 2024 TOPICS TOPIC

PRESENTER

COMPANY

Back to Basics

Ian Thompson

Vero Liability

An overview of Parametric Insurance in NZ

Paul Barton

Bounce

Business interruption natural disaster claims and issues

Mark Anderson

Commercial Loss Management

Negotiation Skills Workshop Series - part 3

Trevor Slater

Dispute Resolution Practitioner

Liability Run-Off

Wynn Williams

Professional Indemnity

Delta

Selfcare in Hard Times

Roydon Gibbs

Skillset New Zealand

Gross Profit: Don't get it wrong (Calculating business interruption sums insured)

Mark Anderson

Commercial Loss Management

Contract Works

John Rigby

Ando

NZ Economic Outlook

Brad Olsen

Infometrics

Time saving online tools to be more productive

Leanne Coste

Better Your Biz

Knowing your client - how not taking the time to fully understand your client’s needs leads to complaints.

Susan Taylor

FSCL

Home Owners, Main Exclusions/Cover Pitfalls

Emma Gabor

Gabor Law

D & O Liability

Delta

Conflict Situations

Crossley Gates

Home Contents Main Exclusions/Cover Pitfalls

Emma Gabor

Gabor Law

Business Interruption – Importance of cover for Additional Increase in Cost of Working

Mark Anderson

Commercial Loss Management

Construction Liability – Claims trends and resolutions

Wynn Williams

Insurance Policy Structure

Mel Gorham

IBANZ

Fraud

Emma Gabor

Gabor Law

Insurance Industry Legislation Overview

Mel Gorham

IBANZ

Regulatory Offending

Duncan Cotterill

Trustees and exposure of professional offending

Duncan Cotterill

AI

Duncan Cotterill

Indemnity - demystifying the process

Duncan Cotterill

FAP Regulatory Returns

FMA

Findings from Monitoring

FMA

Product Recall

Ron Currin

Delta

Marine Cargo Insurance

Terry Mutimer

Vero Marine

Round the World

Terry Mutimer

Vero Marine

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.

42

December 2023

ANZIIF News

NEWS Katrina Shanks to become new ANZIIF CEO

A

ustralian and New Zealand Institute of Insurance and Finance (ANZIIF) has appointed Financial Advice NZ CEO Katrina Shanks as its next chief executive.

Ben Bessell, ANZIIF president, said: “I am delighted that Katrina will be joining ANZIIF. Katrina has a fantastic background and is experienced in a range of industries and environments.

“Her tenure in politics and a range of industry associations will provide ANZIIF with the leadership and capability to continue to grow and deliver the strategic objectives of the Board and members in Australia, New Zealand and Asia.”

Shanks said: “ANZIIF is the leading provider of education, training and development which ensures the insurance and finance sector has the skills, knowledge and competency to thrive.

“I am excited to be joining a high-performing team dedicated to enabling the delivery of high-quality education and standards.”

“We know insurance and finance play a pivotal role in people’s lives to ensure they have financial resilience and

freedom at every life stage. ANZIIF plays an important role in ensuring that their members are inspired to continue on a journey of lifelong learning to stay relevant and up to date so they can continue to make a difference in people’s lives. I am looking forward to being part of this journey with the members,” Shanks added.

Shanks has spent much of her career in financial services. She started her career in Audit, spending time at Newton Fund Management in London before joining Westpac Trust.

She also ran her own small accountancy business for seven years, after which she was the financial controller for the New Zealand National Party.

More recently, Shanks has been the CEO of Financial Advice NZ for five years, becoming a major voice for the industry in its lobbying efforts during significant legislative and regulatory changes.

Shanks will be relocating from New Zealand to Melbourne to start her new role in the coming months and will be working with outgoing CEO Prue Willsford on a transition plan. She starts her new job in January.

Sedgwick's Ben Marsh wins ANZIIF 'Making a Difference' Award

T

he Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced Ben Marsh of Sedgwick as the winner of its Making a Difference Award in the Claims category.

The awards honour individuals who have gone above and beyond to display professionalism in their workplace and with their customers. Marsh received the award in recognition of his "dedication and relentless effort in supporting the customer", ANZIIF said.

At the start of 2023, regions across the North Island of New Zealand experienced widespread catastrophic floods. Just two weeks later, Cyclone Gabrielle battered parts of the North Island and affected areas of Vanuatu and Australia.

In the face of these challanges, Marsh and his team rose to the challenge, ANZIIF said.

Speaking about his approach during this time, Marsh emphasised the coordinated efforts of his team, stating that, "I like to think that my approach to the work I do embodies Sedgwick’s ‘Caring Counts’ ethos which ultimately means that the customers we support on behalf our clients have a less stressful claims process during a particularly difficult time for them."

In response to winning the award Marsh commented, "It's humbling to have received the Making a Difference Award from ANZIIF and to be recognised for the hard work that both my team and I put into supporting the response to this year’s significant Auckland Flooding and Cyclone Gabrielle weather events."

www.covernote.co.nz

43

IBANZ Board Roger Abel

Tony Bridgman

Rothbury Group Limited PO Box 1596 Shortland Street Auckland 1140 Mob: 021 952 230 roger.abel@rothbury.co.nz

(Vice President)

Jill Comley-Forbes Mob:

027 451 8098

John Chandler

Neil Cousins (Vice President)

Executive Director Marsh Ltd PO Box 2221 Auckland 1140 Tel: 09 928 3015 Mob: 021 873 399 tony.j.bridgman@marsh.com

Chief Commercial and Client Officer PIC Insurance Brokers Ltd PO Box 58842 Botany Auckland 2163 Tel: 09 281 6870 Mob: 029 969 3878 Email: john.chandler@pic.co.nz

Duane Duggan

Kate Henderson

Samuel Kerr

Dave Penfold

James Shearing

(President)

(Immediate Past President)

Head of Insurance Legal Crombie Lockwood (NZ) Ltd PO Box 91747 Victoria Street West, Auckland Tel: 09 357 4805 Mob: 021 833 286 duane.duggan@crombielockwood.co.nz

Jo Mason

CEO NZ Brokers Management Ltd PO Box 334012 Sunnynook, North Shore City Auckland 0743 Tel: 09 869 2785 jom@nzbrokers.co.nz

Angus McCullough

General Manager Marketing & Chief Officer Aon New Zealand PO Box 1184 Shortland Street, Auckland 1140 Tel: 09 362 9059 angus.mccullough@aon.com

IBANZ Mel Gorham

Chief Executive IBANZ DDI: 09 306 1734 Mob: 021 0852 5568 mel@ibanz.co.nz

Toll free: 0800 306 173

Karen Scard

Administration & Accounts Manager DDI: 09 306 1738 karen@ibanz.co.nz

Mob:

021 909 379

Member Services & Technical Manager IBANZ DDI: 09 306 1733 Mob: 021 0822 2727 julie@ibanz.co.nz

www.ibanz.co.nz

WANT YOUR VERY OWN COPY OF COVERNOTE? Each issue of CoverNote is packed with vital information, news, commentry and advice for the insurance industry from experts within the industry. To keep abreast of all the issues affecting New Zealand’s insurance broking industry just email info@ibanz.co.nz TO ADVERTISE: Contact Robert Johnson on: e-Mail: robert@benefitz.co.nz Phone: 09-477 4702 Mobile: 0274-970-712 CoverNote is published quarterly by IBANZ, the Insurance Brokers Association of New Zealand.

All correspondence should be addressed to: CoverNote, PO Box 33-1630, Takapuna, Auckland.

44

December 2023

Insurance Broker SHARE PO Box 305415 Triton Plaza Auckland 0757 Tel: 09 476 1670 Mob: 021 980 435 sam.kerr@sharenz.com

Director – New Zealand PSC Connect NZ Limited PO Box 105-241 Auckland City Auckland 1143 Tel: 09 869 6674 Mob: 021 409 400 Email: dpenfold@pscconnect.co.nz

Julie Walsham

Broker Services Manager Steadfast NZ Ltd PO Box 180 Shortland Street Auckland 1140 Tel: 09 309 7942 Mob: 021 377 942 neilc@steadfastnz.nz

Director Affiliated Insurance Brokers Ltd PO Box 22221 Khandallah, Wellington 6441 Tel: 04 479 8451 Mob: 027 2460046 james@affiliated.nz

Physical address:

Unit 4D, 2B William Pickering Drive, Rosedale, Auckland 0632

Mailing address:

PO Box 302504, North Harbour, Auckland 0751

December 202 3

What does th e government new mean for insurance ?

IBANZ CORPORATE COMPANY LIST

Abbott Group

Christchurch

ICIB Limited

Auckland

Abraham & Associates Ltd

Christchurch

Ingerson Insurances Ltd

Wellington

Adams Trimmer Insurance 1992 Ltd

Whangarei

Insurance Advisernet NZ Ltd

Auckland

Advance Insurance Services Ltd

Paeroa

Insurance Brokers Alliance Ltd

Invercargill

Affiliated Insurance Brokers Ltd

Wellington

Insurance Design Limited

Warkworth

AIB Group Insurance Ltd

Lower Hutt

Insurance People (Fire & General) Limited

Auckland

AIM Associates Ltd

Auckland

Insure 247 Ltd

Auckland

Albany Insurance Canterbury Ltd

Christchurch

JRI Limited

New Plymouth

Albany Insurance Services Ltd

Auckland

Lockton Companies NZ Limited Partnership

Auckland

Allied Financial Advisors Limited

Christchurch

Malcolm Flowers Insurances Ltd

Taupo

Amicus Brokers Ltd

Christchurch

Marsh Ltd

Auckland

Aon New Zealand

Auckland

McDonald Everest Insurance Brokers Ltd

New Plymouth

Apex General Ltd

Auckland

Multisure Ltd

Auckland

Arthur J. Gallagher & Co (NZ) Limited - Head Office

Auckland

MW Insurance

Auckland

Austinsure Ltd

Auckland

Avon Insurance Brokers

Christchurch

Baileys Insurance Limited

Auckland

Bay Insurance Brokers Ltd

Tauranga

BMS Risk Solutions Limited

Christchurch

Bridges Insurance Services Limited

Hamilton

Builtin Insurance Brokers Limited

Tauranga

Cambridge Insurance Brokers Ltd

Cambridge

Capital Risk Solutions Limited

Wellington

Cartwrights Ltd

Ashburton

Certus Insurance Brokers NZ Ltd

Auckland

Coast Insurance

Whangaparaoa

Commercial & Rural Insurance Brokers Ltd

Alexandra

Crème Insurance

Auckland

Dawson Insurance Brokers (Rotorua) Ltd

Rotorua

Eclipse Insurance Brokers Limited

Auckland

Emerre & Hathaway Insurances Limited

Gisborne

FG Insurance Services

Gisborne

Frank Risk Management

Hamilton

FundAGroup Insurance Brokers Limited

Auckland

Futurisk General Insurance Ltd

Palmerston North

Grayson & Associates Ltd

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

Auckland

South Pacific Insurance Brokers Ltd

Auckland

Greenlight Insurance Brokers Ltd

Rotorua

Thames Valley Insurance Ltd

Thames

Gregan & Company Ltd

Papakura

The Advisers for insurance

New Plymouth

GSI Insurance Brokers

Waitakere

Thorner General Insurances Ltd

Upper Hutt

GYB Insurance Brokers Ltd

Lower Hutt

Towes Insurance Brokers Ltd

Te Aroha

Hazlett Insurance Brokers Ltd

Christchurch

Vercoe Insurance Brokers Ltd

Morrinsville

Honan Insurance Group (NZ) Ltd

Auckland

Vision Insurance (S.I.) Ltd

Ashburton

Hood Insurance Brokers NZ Ltd

Auckland

Wallace McLean Ltd

Auckland

Hurford Parker Insurance Brokers Ltd

Hastings

Wanganui Insurance Brokers Ltd

Wanganui

Hutchison Rodway Ltd

Auckland

Wealthpoint General Limited

Auckland

ICIB BrokerWeb

Auckland

Willis Towers Watson

Auckland

www.covernote.co.nz

45

New Zealand's professional association representing the interests of insurance brokers, risk managers and consumers.

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IBANZ members provide independent professional advice focused on client needs.

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