CoverNote March 2024 issue

Navigating 2024

Impacts and outlook 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, 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 to the autumn edition

Werecently remembered the devastation faced by many New Zealanders as the anniversaries of Cyclone Gabrielle and the Auckland floods passed.

While insurers confirm most claims have been settled, many severely impacted continue to face uncertainty as the process of receiving and accepting settlement offers for land, house, and premises extends.

Information and decisions from councils about land categorisation and voluntary buyouts, as well as the need for community or property-specific flood mitigation work, are contributing to a drawn-out process for some.

From an underwriting perspective, insurers reacted quickly to these catastrophes, with most consumers facing significant premium increases last year. Our lead story reports that 2024 is following a similar trend.

The impact of this is becoming too much for some. Consumer NZ reports that 8% of homeowners are letting their home insurance policies lapse due to affordability issues.

Given the continued pressures on people’s pockets, it is crucial that any additional costs are both necessary and minimised.

To that point, Minister Bayly (Commerce and Consumer Affairs) confirmed the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI) would not be repealed as previously indicated during National’s election campaign.

He also acknowledged the many challenges faced by the financial services sector since the establishment of the FMA in 2011, stating: “There has been a series of legislative and regulatory changes aimed at enhancing conduct of financial institutions. Regrettably this layering… has led to the architecture governing the financial services sector losing some of its coherence, and it has certainly led to a lack of clarity for many market participants.”

There is more work on the horizon for CoFI before it comes into force on March 2025, with Minister Bayly also confirming, “I believe it is essential all financial institutions have in place fair conduct programmes… I do not want

to discard CoFI, but rather perform a targeted reform to ensure that good conduct obligations are proportionate and fit-for-purpose, acknowledging the positive general framework.”

The Ministers’ sentiments echo concerns that have been raised with me by many across the financial services sector.

While all support the fair conduct principle, we are equally concerned about the significant additional cost created by duplication and uncertainty.

The FMA draft guide on Fair Outcomes for Consumers and Markets (FOCM) consultation is the most recent example of the increasing uncertainty and compliance burden.

IBANZ has invested considerably in our submission on FOCM, which in our view, demonstrates an intention to create, replace, and supplement existing legal obligations despite the FMA stating otherwise.

Now is not the time to introduce a further layer of increased obligations, measurements, and expectations that neither align with CoFI nor the Financial Advice Regime (FSLAA), which only came into force a year ago.

Given their legal and regulatory obligations, those who are subject to FSLAA and COFI have invested significantly in their frameworks and businesses.

The draft FOCM (without substantial change) will see the industry repeating this process to meet elevated and overlayed expectations, which encompass what the FMA describes as “fair outcomes” rather than fair conduct programmes and principles.

There is a material risk that the draft FOCM will be detrimental to consumers by increasing barriers caused by extending the compliance burden, as well as impeding innovation and the introduction of new products and services.

We fully accept that legislation and regulation is not something that you can set and forget.

Reviews for effectiveness and evolving needs are necessary, but it is more appropriate that those reviews are subject to parliament’s scrutiny, taking into account performance, monitoring observations, regulator actions and stakeholder consultation.

The speed and extent of regulatory review and reform are increasing the likelihood that financial products and independent financial advice will increasingly become the domain of the wealthy.

We endorse improving access to and confidence in the financial services sector, but this cannot be at any cost.

Inflation, the severity and incidence of catastrophes, the cost of capacity, and the compliance burden are all contributing to an affordability gap. These factors could drive insurance and independent financial advice beyond the reach of the average consumer.

We will continue to advocate for balance in the hope that this can be avoided.

Melanie Gorham CEO, IBANZ

Features

Nearly one in ten let home insurance lapse: Consumer NZ

Coalition government to keep CoFI

Helping business clients navigate financial obstacles in 2024

Q&A with Jill Comley-Forbes

Change in approach needed for natural disaster management: IAG

IAG adds A$250 million to 2024 catastrophe insurance

Suncorp NZ profit grows as group warns of reinsurance costs

Market Lane Insurance Group lands in NZ market

State Insurance reveals its strangest claims of 2023

Navigating crises with confidence:

Key elements leaders must consider in crisis management

Advertising/Editorial:

4.

Advertorial

Appointments

3. AIG appoints Liam Pomfret as New Zealand general manager

26. Chris Mackinnon to take on regional Lloyd’s role

26. Dransfield becomes chair of Emergence Insurance

28. Kris Faafoi to become CEO of the Insurance Council of New Zealand

28. New president and vice-president for the Insurance Council of New Zealand

30. IAG New Zealand adds to board

Produced

CALENDAR OF EVENTS & JULY TO DECEMBER 2024 TOPICS

Pages 40 - 42

CoverNote is the official publication of IBANZ and is distributed FREE on a quarterly basis (March, June, September, December) to members throughout New Zealand and associated companies. Additional copies are available at a cost of $7.50 per copy, or 12 month (4 issues) subscriptions at $30.00, inclusive of postage and packaging. The articles or opinions featured within this magazine are not necessarily the opinions of the publishers or IBANZ, and they do not accept responsibility for the content of articles featured within the publication. No part of this publication may be reproduced without the written permission of the publisher. The publishers do not accept responsibility for loss or damage to unsolicited photographs or manuscripts.

IBANZ enquiries should be made to:

Melanie Gorham, Chief Executive, IBANZ.

Email: mel@ibanz.co.nz

IBANZ

Design/Production:

Craig Burkett, Benefitz, Imaging: CTP by Benefitz

Advertising Deadlines: Bookings 10th of the month prior to publication, material 15th of the month prior to publication.

ISSN 2815-9268

7.

24.

43.

AIG appoints Liam Pomfret as New Zealand general manager

American International Group (AIG) promoted Liam Pomfret to the position of New Zealand general manager.

Pomfret, who joined AIG in 2018 as Asia Pacific head of professional indemnity & cyber, will report to Grant Cairns, head of the pacific region for AIG.

He stepped into his Auckland-based role on January 8.

Pomfret previously worked for Aon New Zealand as an associate director of financial lines and Marsh New Zealand as principal of financial and professional lines.

Cairns said: “Liam is highly regarded in the New Zealand marketplace, with established relationships across many of our key trading partners. His commercial mindset, extensive insurance experience, and strong stakeholder management skills will make him a wonderful leader for the New Zealand business.”

Pomfret added, “I am delighted to return to New Zealand with AIG. We have a fantastic business here with a skilled team that is committed to delivering excellence for our customers and broking partners. It’s an exciting time for AIG and I look forward to leading New Zealand into the next chapter for the company.”

Navigating 2024 Impacts and outlook for insurance

Brokers face one of the most challenging insurance markets in years, writes Helen Gilby.

In the early months of 2024, the New Zealand insurance market faces a series of structural shifts that will ask hard questions of all industry professionals.

Consumers of insurance are looking to professionals to provide answers as changing dynamics influence both the domestic and commercial sectors.

Insurance is facing an unprecedented range of pressures caused by a combination of local and international factors, including the response to last year’s catastrophic weather events, which flows onto reinsurance dynamics and inflationary pressures on premium costs.

Shifting consumer behaviour in relation to cost of living pressures, a new government, and the impact of CoFi (Conduct of Financial Institutions) legislation add to the sense of uncertainty for brokers.

However, even with so much change, industry professionals are confident the sector is strong and will continue to guide consumers with confidence.

Reinsurance impact

Reinsurance plays a pivotal role in the risk management strategies of insurers, particularly in a market susceptible to natural disasters like New Zealand. Insurers are monitoring the impact of reinsurance costs following Cyclone Gabrielle and the Auckland anniversary floods last summer.

IAG, the country’s largest insurer, has now received over 52,000 claims from both events, of which 99% of motor, 99% of contents and 96% of home claims have now been settled. IAG’s insurance payouts surpassed $1 billion, second only to the Canterbury earthquakes.

With evolving risk perceptions, changing market dynamics, and capacity constraints, insurers are tasked with finding the right balance between risk transfer, cost efficiency, and capital management in their reinsurance strategies.

IAG announced its first-half results, with Amanda Whiting, CEO of IAG New Zealand, stating that the firm wanted to build a resilient business that could underwrite for the long term.

“Our focus continues to be on delivering for our customers by building a strong and resilient insurance business, so we can be here for New Zealanders when they need us the most.”

Given the frequency and severity of natural catastrophes, such as

earthquakes, floods and storms, robust reinsurance arrangements are imperative.

Insurers are exploring innovative structures and alternative risk transfer mechanisms to bolster resilience and mitigate volatility. Collaborative partnerships between insurers and reinsurers are crucial for navigating the complexities of the reinsurance market, fostering stability and capacity amidst uncertainty.

NZ brokers are watching and waiting on these developments and monitoring the long-term impact on capacity and pricing for clients. Brokers must communicate the complex market dynamic to clients and ensure they remain protected despite capacity constraints and price pressures.

Claire Holt, financial adviser for general insurance at Sharenz, explained that even reinsurers are “evaluating their ratings and understandings of large events. Typically New Zealand has been seen as a country with fewer events than others, but this perception has changed somewhat, with such large events of the last few years.”

These large-scale events are having a marked impact on how reinsurers view the general risk of New Zealand, and this is showing in general premium and underwriting changes, which look set to continue into 2024.

Inflation also poses significant challenges for insurers in pricing risk, managing liabilities, and preserving underwriting profitability. New Zealand grapples with rising construction costs, escalating labour expenses, and disruptions in global supply chains, contributing to inflated claims costs and replacement values.

Suncorp NZ CEO Jimmy Higgins suggested the reinsurance market, inflationary pressures, and last year's weather events could push premiums higher, but indicated premiums would not rise as sharply this year.

“I am hopeful we won't see the level of premium increases our customers experienced in 2023,” Higgins added.

Inflationary pressures

Moreover, inflationary pressures have eroded consumer purchasing power, influencing insurance demand and retention rates. According to a recent Consumer NZ report, nearly one in ten NZ homeowners have let their home insurance policy expire due to rising premiums.

Brokers will play a key role in guiding homeowners and businesses through the storm.

“This is one of the hardest insurance markets I’ve seen for a number of years,” explained Holt. “It’s on par with what we experienced after the Christchurch earthquakes, in relation to underwriting changes and market shifts in perception of risk and how underwriters are treating policies.”

Holt said there was still capacity in the market, but that capacity was evolving as underwriters better understood flood risk. This is something she predicts will continue across 2024.

In response to inflationary pressures, insurers are also focusing on enhancing operational efficiency and cost containment measures to mitigate the impact on their bottom lines.

Underwriters are expected to leverage technology and

optimise resource allocation as they look to adjust to market pressures and maintain profitability.

Changing consumer behaviour

Consumer behaviour within the insurance market is undergoing a profound transformation, driven by evolving demographics, technological advancements, and changing socioeconomic trends.

In 2024, consumers demand personalised experiences, transparent communication, and value-added services from insurers and brokers, necessitating a fundamental reimagining of traditional business models.

Insurers are increasingly turning to data analytics, digital platforms, and customer-centric strategies to meet the evolving expectations and preferences of their clientele.

In response to shifting consumer preferences, insurers are ramping up their efforts to enhance customer engagement and satisfaction through personalised products, omnichannel distribution, and proactive risk management services.

By leveraging customer data and analytics, insurers can gain valuable insights into consumer behaviour and preferences, enabling them to tailor their offerings and service delivery to meet evolving needs effectively.

New government impact

The outcome of last year’s election raised questions about regulatory changes in the industry, but the picture has become clearer in the early months of 2024.

Coalition leader National has signalled plans to keep CoFI but to streamline the regulation to reduce its operational burden on the industry. There are hopes the revised regime will have less of an impact on consumer costs.

Brokers hope that steps will be taken to reduce duplication in the licensing process and that the final regime will also avoid duplicating the FMA’s existing oversight of the industry.

Now that CoFI’s fate has been decided, insurers and brokers can look ahead to the new regime, knowing they have already taken strong steps on the road to compliance.

CoFi will promote the fair treatment of customers, enhance transparency, and foster greater accountability across the financial services sector. Brokers will be at the forefront of adapting to the new rules and communicating changes with clients.

As we traverse the NZ insurance landscape in 2024, brokers are faced with a range of challenges out of their control. Yet there will also be opportunities to bolster their value proposition and client relationships.

Holt says brokers must demonstrate “how important having a good insurance broker is during challenging times like these.”

Brokers will need to communicate effectively about complex pricing and capacity issues and ensure that clients remain fully protected from existing and emerging risks.

Amid the uncertainty, clients will look to their brokers for guidance, support, insight and professionalism. The industry will need to rise to the challenge.

Nearly one in ten let home insurance lapse: Consumer NZ

Nearly one in every ten homeowners has let their home insurance policy lapse due to high costs, according to a new study by Consumer NZ.

The consumer body found that 8% of NZ homeowners have let their policy expire, blaming soaring premium costs.

More than two-thirds of respondents in Consumer NZ’s latest insurance satisfaction survey were concerned about the cost of house insurance, the study found.

“This continues a pattern we started to see last year. We urge New Zealanders to review their current level of cover, and shop around,” said Rebecca Styles, investigative team leader at Consumer NZ.

The survey claimed that over the past 10 years, house insurance has increased 97%, while contents insurance has gone up 48%.

“Wellington has been the hardest hit with premium price increases for a standard house up 29% from this time last year. It was followed by Auckland up 26%.

“For a large house, premium prices rose most in Auckland up 28% followed by Hamilton on 24%. Dunedin also had increases for standard and large house premiums, up 12% and 9%, respectively,” Styles added.

Styles told consumers that the cost of reinsurance, extreme weather events and increased use of risk-based pricing on individual properties were all factors in the rate rises.

“Given the more frequent and extreme weather events Aotearoa is experiencing, and their related claims, the cost of insuring properties has gone up, and these costs are being passed onto consumers,” she added.

Styles said customers were finding it difficult to compare insurance providers.

“Our surveying shows time and time again that it’s difficult to compare insurance providers to find the best deal. Now, to make things trickier many insurers won’t provide online quotes without a risk assessment of the property.”

Coalition government to keep CoFI

The coalition government has decided to keep Conduct of Financial Institutions (CoFI) regime, paving the way for the regulation to come into effect in March.

Commerce and Consumer Affairs Minister Andrew Bayly said financial institutions would need to continue to work towards a license under CoFI, regulation which aims to prevent banks, insurers and non-bank deposit takers from mistreating their customers.

Before the election, the National Party opposed CoFI amid fears the regulation would burden the sector with red tape.

The coalition u-turn is set to provide certainty for the industry, with many brokers in favour of the regulation designed to safeguard consumers’ interests.

According to newspaper reports, Bayly changed his mind on the regulation after considering the work already done by financial institutions to comply with the regime.

Speaking at a Financial Services Council event, Bayly told media he was keen to simplify the CoFI process for smaller financial institutions such as non-banks.

Bayly said he wanted to remove duplication from the licensing process.

“Many financial institutions find themselves holding multiple licenses from both the FMA and the RBNZ, adding to operational burden,” Bayly said.

“We want to simplify this by moving to one conduct licence overseen by the FMA, and one prudential licence by the RBNZ.”

“Let me be very clear – these changes are not about lessening requirements for appropriate conduct,” Bayly added.

“It’s about ensuring that financial institutions have clear guidance from the FMA, and take responsibility to meet their obligations more effectively.”

Bayly also outlined plans to transfer responsibility of the Credit Contracts and Consumer Finance Act (CCCFA) from the Commerce Commission to the FMA.

Bayly said he was concerned that the CCCFA allowed vulnerable borrowers to access credit while not giving enough leeway to stronger borrowers.

The minister said his top priority was to “remove prescriptive affordability requirements for lower-risk lending.”

Bayly also promised a broader review of CCCFA, including looking at the Act’s penalty and disclosure regime and relationship with CoFI.

IBANZ responds

IBANZ chief executive Mel Gorham welcomed the the focus on easing red tape, and called on the government to reduce duplication.

“It is reassuring to hear that the minister is concerned about the operational burden CoFI (in its current form) creates for the industry, the costs of which ultimately rest with policyholders.

“Changes that reduce duplication, whether it be in CoFI licensing or for FAP intermediaries, insurers and other financial institutions replicating aspects of oversight that already rest with the FMA as regulator of the financial advice regime are welcome.

“Achieving this while still preserving the focus on fair conduct programmes under CoFI should deliver a more affordable and targeted regime that will benefit consumers and the industry as a whole.

“Minimising the potential of duplication should be a key consideration with any legislative reform and needs to strike a balance with the tangible improvements the reform will deliver. This is only heightened by the country’s inflation challenges and pressure created by the rising cost of capacity impacting access to and affordability of insurance, particularly in the fire and general sector,” Gorham added.

Helping business clients navigate financial obstacles in 2024

Insurance brokers have an important role to play guiding businesses towards insurance solutions that strike a balance between coverage, risk and affordability amid a barrage of local and global challenges. Roger Abel, managing director at Rothbury Insurance Brokers shares his insights.

Many New Zealand businesses are experiencing a perfect storm in the wake of increased extreme weather event costs (such as Cyclone Gabrielle), coupled with inflationary pressures and the rising cost of living. This highlights why it’s important to seek personal service and quality advice about your insurance needs.

We are locked into a hard insurance market for the foreseeable future. Insurers have been reviewing their risk appetite and pricing strategies. Identical businesses in different geographic areas can have different insurance premiums, exclusions and coverage limits.

Do these factors make it harder for brokers? The short answer is yes. To do a thorough job it may take brokers longer but the investment in time and in building strong relationships with clients and insurers will deliver better client outcomes.

Where are the biggest priorities for insurance brokers?

Advice driven relationships

We are operating in a challenging market and businesses need tailored insurance solutions more than ever. Sometimes they face hard choices and require a heightened understanding of their insurance options so they can achieve the right balance between cover, risk and affordability.

This is where personal service and quality advice plays a vital role in helping businesses assess their insurance options to best protect their business and valuable assets.

Offering an advice driven, relationship-based service is an effective way for brokers to help clients get support when they need it. There is no such thing as a one-size-fits-all insurance solution.

Brokers and clients working more closely together

A strong relationship enables brokers to understand their client’s business and risk management strategy, which in turn enables them to identity business risks and ensures the client is

appropriately informed. Brokers are in an optimal position to educate clients about their risks if they understand their clients' risk tolerance and attitude to managing and transferring risk.

A recent report from Vero (the Vero Insurance Index) highlighted that 78% of SMEs who make decisions together with their broker are satisfied, compared to a 34% satisfaction rating from those who claim to have little involvement with their broker. Further, if a broker was involved in their last policy renewal, clients were seven times more likely to take the increasing costs of asset replacement into account.

Insurer relationships

Developing strong relationships with insurers is a key focus for brokers. It ensures brokers maintain up to date knowledge of product terms and allows them to anticipate future market changes. This is invaluable when risks are difficult to place and helps brokers secure the most appropriate terms in order to achieve the best possible outcome for the client. Drawing on client feedback

Measuring client feedback is a crucial step for any business to better understand how product and service offerings meet clients' expectations.

The Net Promoter Score (NPS) is an internationally recognised client satisfaction measurement taken from asking clients how likely they are to recommend your company, product or service to friends and colleagues. Higher NPS scores (“promoters”) indicate greater client loyalty and offer a means to compare performance over time, against industry standards and competitors to facilitate informed decisionmaking.

It’s vital to keep up to date on client feedback. Rothbury has been using NPS to measure client satisfaction ratings over the past 15 years. Every month feedback scores and comments from over 600 clients provide invaluable insights. Through this feedback we’re able to identify what is important to our clients and make incremental service changes that continually refine the client experience.

There’s no doubt that businesses will face tougher economic conditions in 2024. Insurance brokers will have a vital role in helping clients access the right insurance solutions that allow them to survive and even thrive over the coming year.

Jill Comley-Forbes

Chief executive officer

WTW New Zealand

Jill Comley-Forbes was named as the New Zealand chief executive of global broking powerhouse WTW late last year, taking over the role from Michael Brown.

An IBANZ board member, Jill has worked in the insurance sector for more than three decades, including spells at Aon, Willis New Zealand and ICIB Brokerweb.

She talks to CoverNote about her experiences of working in the industry, what has changed, and where it is going.

You’ve been in the insurance market for over 35 years. How much has it changed over that time?

Technology advancements have allowed us greater access to data and analytics which in turn, can assist our clients not only in the insurance placement, but in the overall management of risk.

35 years ago the reliance was very much on historical risk data. Emerging risks and treatment of risk have become more sophisticated, requiring more sophisticated solutions. Insurance is about protecting future risks and it's important for all participants in the insurance industry to keep abreast of impending changes.

What have been the biggest achievements of your career so far?

Without a doubt, leading a Canterbury-based broking team following the 2011 Canterbury earthquakes. Pastoral care of the team themselves was the priority, so that they, in turn, could assist clients. I was very proud of our team and how we managed 1,000s of claims with business owners and property owners in dire circumstances, whilst we dealt with our own individual circumstances. Witnessing the difference we can make to people's businesses and lives is why I remain in the broking sector today.

You have recently been appointed WTW head of New Zealand. What are the biggest challenges for you in the coming years?

Ensuring I am providing our team with the tools and resources they need to be successful, and in turn provide excellent advice to our clients. This will require keeping up to date with evolving business, industry and risk issues, and ensuring that we are challenging ourselves to continue to be innovative in providing solutions.

Where are the biggest opportunities for brokers?

As capacity becomes scarcer and insurance costs escalate, brokers will need to adapt to look beyond traditional insurance solutions. Those brokers who manage risk, not just insurance programmes, will stand out.

Ensuring that with the advancement of technology, we remember we are there to provide expert advice.

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

Technology will have a major impact - connectivity and ease of transactions. Highly transactional interaction may require less intermediary involvement, if any at all. For instance, non-complex common risks with simple solutions may be able to be transacted without bespoke advice. Key will be expanding the skill set of brokers to move away from transactions to risk advice.

What’s your assessment of the market at the moment, and where pricing will go?

We have seen some sharp pricing increases in the past 12 months post Cyclone Gabrielle and Auckland floods. Most of the larger increases have impacted personal lines and SME customers. These prices will continue to increase as insurers look to correct pricing based on performance.

Capacity will continue to be a major issue for the NZ market which will impact on pricing and availability of insurance.

Economic challenges influencing the cost of claims, together with continuing environmental issues, will impact the cost of insurance, regardless of sector. Do you have any advice for young brokers and people starting out in the industry?

Learn everything you can when you can. Your role is one of a researcher, negotiator and adviser. Think risk, not just insurance.

What would you like to see change in the broking industry?

Emphasis on training and developing new talent to the industry. Broking is a fantastic career and we need to do more to attract new talent.

PSC Connect going from strength to strength

PSCInsurance Group, an ASX listed company and the parent company of PSC Connect NZ has announced the release of its comprehensive half-year results to December 31, 2023.

The key highlights for the half year are:

· Increased Revenue: For half the year up by 15% to $159.0M

· Strong Financial Performance: Underlying EBITDA (earnings before interest tax, depreciation and amortisation) of $54.2M for the half year - an increase of 12% from last year

· Profit Momentum: Underlying NPATA (net profit after tax and amortisation) of $37.1M for the half year - an increase of 6%.

This outstanding performance is attributed to the unwavering dedication to excellence across Distribution and agency businesses. Notably, the completion of nine acquisitions during this period has further bolstered the positive trajectory. PSC New Zealand has also celebrated the expansion to four operational offices, including the recent acquisition of a broking business in Hamilton, reinforcing their commitment to local presence and service excellence.

Welcoming New Faces

PSC Connect continues to see high calibre member brokers joining, enriching the network with exceptional talent and expertise. Alan McIntyre, founder of Sure South Services Ltd, brings a wealth of experience from Ireland and the NZ market, infusing the team with his passion for client-centric service. Alan’s new business is based in Lumsden, Southland, which is the perfect location to live for anyone who has a passion for trout fishing, as he and his partner do.

Similarly, Larrissa Wade of Gulf Island Insurance joined at the end of 2023. Gulf Insurance on Waiheke Island (Auckland) is dedicated to offering top-notch general insurance advice, fostering strong client relationships, and expertly identifying risks and exposures to secure the ideal coverage for clients’ needs. With over 35 years of local

experience and solid insurance knowledge, Larissa will fill the void of local insurance brokers.

Nick Harding of Harding Insurance Brokers, joined the PSC Connect network, based in Whanganui in December 2023. Nick is passionate about providing exceptional customer service to his clients and has strong ties within the Wanganui community.

Recently PSC made two strategic appointments to their head office team. Kate Henderson joined the team as National Sales and Relationship Manager early in 2024. With over 20 years of industry experience, Kate

brings invaluable insights into navigating the complex landscape of insurance, and a wealth of knowledge in risk management, underwriting, and strategic planning. Kate is tasked with driving business growth, continuing to build on our insurer and supplier relationships, and identifying opportunities for the wider business.

Also in early January Alifiyah Lakdawala joined the Central Services Team in the role of Platform Specialist. Alifiyah has over 25 years’ experience in sales, management and project management, with her most recent role within a general insurance brokerage where she was integral in establishing processes and system training.

These two additional roles to support the wider business reinforce PSC Connects commitment to their own growth, and the growth of their member brokers. PSC are committed to building strong partnerships, and delivering excellence in service and solutions.

Change in approach needed for natural disaster management: IAG

IAG has called for a change in approach to natural disaster management following last year’s devastating floods.

The insurance group reflected on the one year anniversary of the North Island floods and Cyclone Gabrielle, which resulted in over 52,000 claims in New Zealand.

AMI, State and NZI have settled 99% of motor, 99% of contents, and 96% of home claims, with insurance payouts topping $1 billion, a number second only to the Canterbury earthquakes.

Amanda Whiting, chief executive of AMI, State and NZI said, “We received six times as many claims as the same period the year before. However, the number of claims and amount of payments only partially reflect the true social and economic cost of these events. The effect these storms have had on our country and our communities is profound.

“We are proud of the hard work our teams have done to settle claims for our customers, however, we know it will be a longer road for some homeowners as they await local council information about land categorisation and confirmation of voluntary buyout offers, undertake or wait for community or property specific flood mitigation work, or have complex claims that take more time to resolve. Complexities can include shared ownership and the need for technical advice from multiple experts.

“As New Zealand’s largest general insurer, we remain committed to resolving all our customers’ claims as quickly as we can and understand how important this is in helping to get their lives back to normal.

“Our job is to provide insurance to support New Zealanders when things go wrong, and we are dedicated to being here to help people recover. But insurance is only part of the solution - much more needs to be done to help keep New Zealanders safe from the impacts of flooding and natural hazards.

“We strongly believe that the best way to keep New Zealanders safe, and insurance available and affordable, is by reducing flooding and natural hazard risk through good planning decisions, investment in protection and resilience measures, and where necessary, through relocating people away from at-risk properties.

“It is vital that we become much better at managing natural hazard risk if we are to keep people safe and insured. There is work underway, but a different attitude and a much more targeted approach is needed to close the emerging gap between the impacts of our hazards and how they are managed.

“We have been actively involved in helping to improve the management of natural hazard risk and remain committed to playing our part.

“It’s vital that both central and local government continue to prioritise this important work on behalf of all New Zealanders.”

IAG adds A$250 million to 2024 catastrophe insurance

Insurance Australia Group, the owner of State, AMI and NZI, included an extra A$250 million of drop-down cover for a New Zealand-specific second event as it announced its 2024 catastrophe reinsurance programme.

The Australia-based insurer will have main catastrophe cover for two events of up to A$10.5 billion, with an attachment of A$500m.

IAG will have drop-down cover of $150 million, reducing IAG’s retention on the first two events to $236 million.

An extra premium will be payable if the drop-down cover is activated for a first event.

The group’s revised reinsurance programme will also deliver specific drop-down cover for a second event in New Zealand, and third and fourth event covers.

IAG chief financial officer William McDonnell said reinsurance markets had stabilised last year, enabling the group to purchase more reinsurance coverage than expected.

“The cost of the overall programme is broadly consistent with our expectation, and our guidance of a 2024 financial year reported insurance margin of 13.5% to 15.5%.”

before Catch fire it starts.

Book your client a free electrical inspection*

NZI has been insuring New Zealand businesses since before New Zealand had electricity.

As New Zealand’s largest and longest serving commercial insurer, NZI knows how devastating fire can be.

That’s why we have a team of experts trained to catch electrical fires before they start.

Our NZI Electrical Inspectors can provide your commercial property clients with a free electrical inspection.*

*Terms, conditions and criteria eligibility apply.

An inspector comes to their site, inspects the premises, helps pinpoint hazards using thermal imaging cameras and works with you and your client to help resolve any electrical issues discovered.

NZI is the first insurer in the country to offer customers this free service. It’s just one of the ways we help deliver peace of mind for New Zealand business.

To book your client a free electrical inspection* contact us at electricalinspectors@nzi.co.nz

Gary Rennie: Paving the way for safer roads

Aproudly born and raised Cantabrian, Gary Rennie was a career banker for 30 years before stepping into the world of insurance.

Four years after the Canterbury earthquakes in 2011, Gary’s first insurance role saw him helping with event claims for 18 months, before joining IAG as a business development manager in Canterbury.

“With a fresh set of eyes, I was able to understand what was most important to customers during this tumultuous time – and that was getting their claim(s) finalised. It was satisfying to achieve positive outcomes for people and allow them to move forward with their lives.”

Over the last nine years, Gary has worn many different hats in the insurance industry, and has found his calling in risk reduction and community engagement. Looking ahead

As event and activation manager for NZI, Gary is always planning and preparing for future community events.

“It takes three months of preparation and planning before an event takes place. The work week starts with a team meeting to create a plan of action for what needs to be done, which includes everything from connecting with food suppliers to creating event site-plans.”

With the success of NZI’s risk reduction events, Gary’s calendar is jam-packed, seeing him attend an event across Aotearoa New Zealand every few weeks.

"Customer and broker feedback at our risk reduction events is always positive," says Gary.

“The majority of attendees tell us they take some action as a result of speaking with us, therefore protecting themselves and their assets. Another great measure of success is industry leaders endorsing and advocating what we are doing.”

A country lad at heart

Outside of work, Gary and his wife Rachel have lived on a 40-acre lifestyle block in Loburn, North Christchurch for 22

years. They chose a lifestyle block to accommodate their horse-riding hobby, but ended up on a bigger property than planned. Along with their two horses, the extra room is home to 28 grazing cattle, nine chickens, a cat, and a dog. Living the country lifestyle, Gary says there’s always something to do; from fixing a fence to taking care of their cattle, or jumping on the tractor.

“What I love about where I live is that it requires handson, practical work to keep things running, which is what I love about my role at NZI too. It’s an incredible feeling getting to help people in practical ways, by being on the ground and talking to communities about how to prevent the unexpected from happening to them.”

Gary says their property was a great place to raise their children, who all had ponies to ride and the freedom that comes with living rurally. Gary and Rachel are proud parents to three children: Lachy (20), Gabi (22), and Liam (25).

Driven to make our roads a safer place

One of the many ways Gary supports communities is through NZI’s Truckie Rest Zones.

NZI’s research reveals that fatigue and distraction are two major causes of road accidents in New Zealand. Gary explains that for many of New Zealand’s truck drivers, normal sleep rhythms are disrupted by shift work, placing them at risk during long or overnight hauls.

“Our research and anecdotal evidence suggests many truckies just keep going when really, they need to pull-over and take a break.

“Our roads and the need for freight to keep moving is only going to get busier so we wanted to find a way to encourage owners and drivers of heavy vehicle fleets to ensure their drivers have their breaks," says Gary.

The events, which are free for all truckies, offer some well-earned time out, complete with a complementary barista-made coffee, a BBQ meal, healthy snacks, and a free health assessment.

“We’re not working to improve driver safety in isolation either, it’s a real community effort. We partner with the NZ Police Commercial Motor Safety Team, Hato Hone St Johns, local councils, and Waka Kotahi to give truckies a wellrounded view on fatigue prevention, health and wellness, as well as safety measures that can be implemented.”

A simple idea comes to fruition

Gary plays an integral role in the Truckie Rest Zone events, which were born from a simple idea, and are now making a positive difference in the transport community.

Through his three years working in risk reduction, he’s

HUMANS of

found the best way to connect with people is to get out into the community; building trust, rapport, and showing that there are people out there who want to help.

Gary says the best parts of the job are seeing the smiles on people’s faces as they take a break, and being able to share what NZI has gleaned through years of experience across the transport industry.

“At the end of the day, it’s all about getting drivers home safely.”

A proud moment

Taking his own advice, Gary makes sure he has time in his schedule to unwind, and loves following both local and international sports. He was thrilled for New Zealand to host the FIFA Women’s World Cup last year, particularly as his daughter Gabi represented New Zealand as a Football Fern.

“There have been so many surreal moments watching her career play out over the past decade, and seeing her represent New Zealand was definitely up there.”

He says another highlight was travelling as a family to watch Gabi play in the Under 17s World Cup in Uruguay in 2018.

“New Zealand came third; it was the first time we had made it out of pool play and onto the podium. That record still stands for the under 17s – both men’s and women’s.”

Gary says he is incredibly proud of all his kids going to work each day and doing what they love. Gabi as a professional football player, and Liam and Lachy are both in broadcast journalism.

“It’s important to follow your passions; I’m lucky to have found mine which is getting out and about in the community and making our customer's world a safer place.”

Michel Stirk, NZI’s fleet risk manager and Gary Rennie at an NZI Truckie Rest Stop

Suncorp NZ profit grows as group warns of reinsurance costs

Suncorp NZ reported a small increase in half-year profit, as premium income rose by 20%, but the group warned of likely increases to reinsurance costs.

The NZ division of the Australian giant recorded a profit of $94 million for the six months ended December, up 3% from last year, while premium income was $1.4 bn.

Most of the company’s profit came from the general insurance business, including the AA and Vero Insurance brands. Profit was up 7% to $80m.

Life insurance brand Asteron had a more than 12% drop in profit to $14m.

Suncorp said the general insurance business benefited from fewer natural disaster claims and higher investment income, but this was partially offset by reinsurance and commission costs.

New Zealand chief executive Jimmy Higgins said Suncorp was monitoring global reinsurance markets to

see if there might be capacity constraints and price rises similar to 2023.

He stated that floods in North Queensland and a major earthquake in Japan could affect reinsurance costs.

Higgins stated that New Zealand was a part of the group’s Australian reinsurance purchase and thus was impacted by Australian and global catastrophes.

"We need to see how reinsurers respond to recent events outside of New Zealand, to see if their risk appetite and pricing for New Zealand natural hazards has changed, particularly off the back of the major NZ weather events in 2023," he said.

"This guidance, coupled with local supply chain inflationary pressures, should provide an early signal on the impact to premiums in 2024. I am hopeful we won't see the level of premium increases our customers experienced in 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.

Market Lane Insurance Group lands in NZ market

Australian insurance group Market Lane has moved into the NZ market.

Newly established company Market Lane Insurance Group (NZ) Limited will provide underwriting and placement solutions, covering contemporary and future risks.

The new business will be headquartered in Christchurch and led by head of New Zealand operations Kelsey Craver, and senior underwriter Sarah Skelton.

It will operate under the brand name The Barn Underwriting Agency - New Zealand.

The Sydney-based group also operates brands including GOAT Insurance and Fairlight Medical Insurance.

“We are truly excited by our first international expansion and look forward to working with all our partners in the development of the Market Lane

business in Australia, New Zealand and abroad,” Group MD David Porteous said.

The capabilities and risk solutions of the New Zealand arm will be comparable to those of the Australian business, with services ranging from central operations to partnerships and engagement, claims and compliance.

Craver has previously held senior positions at Ando Insurance, Aon, and Lions Gate Underwriting in Canada.

Skelton has worked for Ando, Arch Underwriting and Brooklyn Underwriting.

Market Lane launched a wholesale underwriting placement specialist, MLX Risk Partners, last June.

The entity focuses on placements above $200 million in asset value, large and complex general liability exposures and natural catastrophe exposures, and unique or complex occupancy risks.

Ready to let your career take off?

Whether you’re an experienced adviser thinking about going out on your own or you’re just looking for a fresh start, Insurance Advisernet empowers you to thrive. We’ll help with the administration so you can dedicate yourself to what you do best - serving clients and delivering expert insurance advice.

Our compliance systems will help you manage your own licence – or leverage ours for seamless operation and support. The choice is yours.

Are you ready to unlock your full potential?

Join Insurance Advisernet and experience the difference.

WHY WAIT ANOTHER YEAR?

For a confidential conversation please contact Travis, David or Sue today or visit insuranceadvisernet.co.nz to find out more.

DAVID CRAWFORD

dcrawford@ianz.co.nz

+64 21 905 537

TRAVIS ATKINSON

tatkinson@ianz.co.nz

+64 27 505 1912

SUE CRAWFORD

scrawford@ianz.co.nz

+64 027 224 5900

State Insurance reveals its strangest claims of 2023

Dogs driving vans, stolen false teeth, and speeding jandals were among State Insurance’s most peculiar claims of the year.

The insurer has released a list of the most curious claims of the last calendar year, with animal-related incidents a common feature.

Wayne Tippet, State’s executive general manager claims, said: “It seemed that wild animals and pets were up to no good last year. We received several claims where animals had let loose in our customers’ homes, causing unbelievable damage.”

HERE ARE SOME OF THE HIGHLIGHTS FROM THE GROUP’S

CLAIMS TEAM:

Flip-flops & repair shops

A loose jandal caused trouble on the road, with one customer’s mother catching her foot on the accelerator pedal.

The vehicle came to a stop after hitting a stranger’s garage.

Protective peacock

One customer’s pet peacock managed to get into their bathroom. Upon seeing itself, the peacock attacked the ‘intruder’ and caused significant damage within the home.

Dog disaster

Another customer’s vehicle was hit by a dog driving a van. The pup, sitting in a van, had somehow managed to release the handbrake.

The van rolled backwards down the driveway and crashed into the customer’s vehicle, which was parked on the other side of the road.

Pets tampering with vehicle parts are a “common occurence” for claims handlers, Tippet said.

False teeth lost

Another customer took out their false teeth to enjoy some lunch, putting them in a jacket pocket. They later discovered their jacket was stolen, along with the teeth.

Ready, set, check the tailgate

One customer was working out in the country for the day and had packed chainsaws for work.

At the end of the long day, they loaded everything onto the back of their ute. Their cell phone rung so they answered, forgetting to close the tailgate.

While it was a peaceful drive home, the customer was shocked to find an open tailgate and most of their tools and saws missing.

The customer managed to find a few tools on the side of the road looking a bit worse for wear.

Sadly though, most of their tools had been lost.

Chris Mackinnon to take on regional Lloyd’s role

Chris Mackinnon of Lloyd’s is set to become the insurance body’s regional director for Asia, the Pacific, Middle East and Africa.

Mackinnon will replace Iain Ferguson, who is due to retire at the end of 2024. He will take on his new duties in April.

The new boss is an industry veteran with more than three decades of international experience.

Mackinnon’s senior roles have spanned broking, sales, strategy, operations, regulation, compliance and management.

He has worked at Lloyd’s for nine years, primarily serving as regional head of Australia & New Zealand, and Lloyd’s general representative in Australia.

The senior executive has been responsible for

market development and liaising with regulators in Australasia.

In April last year, Mackinnon was named deputy regional director for Asia Pacific Middle East & Africa.

He also serves as a non-executive director at the Insurance Council of Australia, which represents Australia's general insurance industry.

A Lloyd’s spokesperson said: “Iain Ferguson will be retiring as the Lloyd’s regional director for APMEA on 31 December 2024.

“He will be succeeded by Chris Mackinnon who will build on Iain’s successful tenure and excellent leadership in the region from 1 April this year. We’d like to thank Iain for his work and wish him well in the future.”

Dransfield becomes chair of Emergence Insurance

Veteran executive Gary Dransfield has been appointed chair of Emergence Insurance.

Dransfield has worked in the insurance sector for 26 years and is a former president of both the Insurance Council of Australia and the Insurance Council of New Zealand.

He currently chairs the Association of Superannuation Funds of Australia and Hollard Insurance Australia, and is a non-executive director at the medical defence organisation MDA National Insurance and Australian Financial Complaints Authority.

Dransfield was Suncorp Group CEO of Insurance until July 2020, joining the group in 2009.

While at Suncorp, he held various executive positions including head of Vero New Zealand and head of personal insurance. Before that, he was with IAG for more than a decade.

Emergence founder and CEO Troy Filipcevic said it was “brilliant” to have Dransfield join the company’s board.

Dransfield joins Filipcevic and Steadfast Group CEO Robert Kelly on the board.

Filipcevic said: “In line with the company’s strong growth and future strategic plans, Gary will guide Emergence with advice on governance, structure and execution. I look forward to working closely with him to bring our strategic plans to fruition.

“He’ll be hands on with all the Emergence team. I want Gary’s fingerprints on Emergence.”

Dransfield said he would work to help the business become more resilient and focus on growth opportunities.

“Cyber insurance is relevant right across the economy and for all organisations, making it a great sector to be involved in.”

Emergence upgrades cyber insurance policy

Cyber specialist underwriting agency Emergence NZ Limited has launched a major upgrade to its key product’s policy wording.

The revamp to Emergence’s Cyber Event Protection policy, marketed to brokers as CEP-005, follows the launch of Emergence in New Zealand in 2023.

Emergence CEO Troy Filipcevic says cyber threats change so rapidly it is vital for the wording to be enhanced so insureds are protected against new and emerging cyber threats.

“We’re offering brokers, and their clients, additional coverage and have introduced free advisory services as part of the policy core to help insureds become better risks,” he says.

The advisory services for Emergence CEP-005 policyholders, provided by related company cyberSuite Pty Ltd, include:

• A one-hour free consultation with a cyber security analyst.

• Access to a range of template documents, including an incident response plan.

• Threat intelligence through 24/7 scanning of the insured’s internet-facing infrastructure

• Dark web monitoring.

A key policy wording change is removing the excess for insureds with turnovers of less than $25 million. “This is a major bonus for SMEs that may be hard hit if they need to claim on their policies,” Mr Filipcevic says.

“With the benefit of nine years of Australian underwriting and claims data, Emergence has been able to simplify the number of underwriting questions required to target

today’s cyber exposures while its broad risk appetite remains unchanged.

“That makes it easier for brokers to transact and enables their clients to get quotes and coverage faster,” Mr Filipcevic says.

Other new features of CEP-005 include:

• Expanded coverage under Section A – Losses to Your Business (Business Interruption) to automatically include business interruption caused by a cyber event in an insured’s IT contractor’s business.

• Automatic inclusion of business interruption cover for system failures.

• Expanded coverage under Section C –Cyber Event Response Costs to cover insureds’ response costs if a cyber event occurs in their IT contractors’ or data processors’ businesses.

• An increased sublimit under the optional cover Tangible Property to the same limit as Section C –Cyber Event Response Costs.

• A new optional cover for D&O claims arising out of a cyber wrongful act.

The Emergence broker portal has been updated to reflect all changes within the upgraded CEP-005 wording.

Mr Filipcevic said the dynamic policy wording changes signify Emergence’s continual evolution to meet the needs of an ever-changing market.

“The policy wording reflects feedback from brokers about what their clients need. Emergence has built a dedicated team of experts across Australia, and now in New Zealand, who are raising the bar in promoting cyber protection awareness,” he says.

Appointments

Kris Faafoi to become CEO of the Insurance Council of New Zealand

Former Labour minister Kris Faafoi will become the new chief executive of the Insurance Council of New Zealand, effective from April 2024.

Tim Grafton, who has led the general insurers' representative body for nearly 12 years, will be replaced by Faafoi on April 7.

Grafton led the ICNZ through major natural catastrophe events including the Canterbury and Kaikoūra earthquakes, major floods, tornadoes, fires and cyclones.

Faafoi left parliament in 2022 to spend more time with his family. During his political career, he held ministerial portfolios, including broadcasting and media, civil defence, commerce and consumer affairs, customs, government digital services, immigration and justice.

There will be a four-week handover period from early March before Faafoi takes the top job.

"I’m delighted we are able to appoint someone of Kris’s calibre who has a track record of demonstrated leadership, together with extensive experience and understanding of the machinery of government and the financial sector," said the recently appointed ICNZ president Amanda Whiting, also IAG chief executive.

The appointment follows a challenging year in 2023, including the 2023 Auckland Anniversary weekend and Cyclone Gabrielle, which have led to a surge in claims and a reshaping of the NZ insurance market.

Insurers have settled 99,798 of 115,353 claims valued at $3.6 billion.

“I’m looking forward to leading the industry through the next period, focusing on influencing for a sustainable industry, and, more importantly, ensuring that New Zealanders can continue to protect the things they love when disaster strikes," Faafoi said.

New president and vice-president for the Insurance Council of New Zealand

The Insurance Council of New Zealand appointed Amanda Whiting, chief executive of IAG New Zealand, as its new president, with Adam Heath, chief executive of Farmers Mutual Group, becoming its new vice president.

The duo joins a new-look leadership team, with former cabinet minister Kris Faafoi set to become CEO of the insurer body in April.

Whiting said: "I feel honoured to have the confidence of my fellow board members to take up this leadership role for general insurers and look forward to working with Adam to ensure New

Zealanders continue to enjoy the strong protection our sector provides.”

Whiting replaces Toni Ferrier as president.

Ferrier stepped down from the role as she has moved to become country manager for Marsh McLennan which is not an ICNZ member.

Whiting was ICNZ’s immediate vice-president and Adam Heath was appointed vice-president by the ICNZ Board.

"I want to acknowledge the valuable contribution Toni Ferrier made during her term as president and wish her success in her new role," Whiting added.

IAG New Zealand adds to board

IAGNew Zealand appointed Michele Embling, Rachel Walsh and Scott Pickering to its board.

Embling is currently a board member for AIA New Zealand, Transpower, Toitū Tahua – The Centre for Sustainable Finance, and the Financial Reporting Council. She is chair of the External Reporting Board and deputy chair of the University of Auckland’s Business School Advisory Board.

Rachel Walsh is a director of the NZX, a member of the External Reporting Board Advisory Panel, and has held several other past governance positions. Formerly, she was CFO of Datacom Group and Abano Healthcare Group. She has extensive experience across finance, large scale technology transformations, healthcare, infrastructure and other sectors.

Scott Pickering serves on the IAG group board and is a non-executive director of Kiwibank. He is a past director of Chubb Insurance in New Zealand and Australia, and was CEO of the New Zealand Accident Compensation Corporation from 2013 to 2021.

IAG NZ chair Simon Allen said the new hires would “bring fresh insights and vigour, and I look forward to our Board discussions and their contributions.”

Michele Embling

Rachel Walsh

Scott Pickering

IAG New Zealand sees profit increase

IAGNew Zealand, the insurance group behind AMI, NZI and State Insurance, posted a solid set of half-year results for the six months to December 31 last year.

Local currency gross written premium grew 18.8% to $2015m (1H23: $1,696m). The company said the growth reflected premium rate increases in response to inflation pressures and high reinsurance costs.

The NZ business reported an insurance profit of $204m in 1H24 (1H23: $136m).

The group’s reported insurance margin was also up to 20.8% (1H23: 15.2%), reflecting a combination of higher earned premium, lower natural perils costs, and stronger investment income.

Amanda Whiting, CEO of IAG New Zealand said the results “reflect the progress we have continued to make against our strategic priorities. Our focus continues to be on delivering for our customers by building a strong and resilient insurance business, so we can be here for New Zealanders when they need us the most.”

“Having a sustainable, strong insurance business remains a key focus, so we can continue to be here for our customers in the face of growing risks and more extreme weather events,” Whiting added. “For instance, the 2023 North Island floods and Cyclone Gabrielle events are still having a profound impact on our communities, and we are working hard to resolve our customers' claims as quickly as possible.”

IAG said it has received a total of over 52,000 claims from the North Island floods and Cyclone Gabrielle.

Of those claims, 99% of motor, 99% of contents, and 96% of home claims have now been settled, with IAG’s insurance payouts topping $1 billion, a number second only to the Canterbury earthquakes.

“We will continue to transform our business and do everything we can to ensure New Zealanders have access to appropriate insurance cover that is easy to understand and simple to buy.

“A strong insurance sector, with the financial strength to meet the needs of New Zealanders is just one part of the equation, which is why we will continue to work closely with local and central government to make a real difference around flood resilience.

“To keep New Zealanders safe, and insurance available and affordable, we must reduce flooding and natural hazard risk through good planning decisions, investment in protection and resilience measures, and where necessary, through relocating people away from at-risk properties,” Whiting added.

Business or displeasure?

THE DECLINED CLAIM

In June 2023, Graham’s* vehicle broke down on the motorway and was then hit from behind by another vehicle.

Graham made a claim to his insurer, but the insurer declined the claim and avoided the policy because Graham had not told them he was using the vehicle for business purposes.

However, because there had been delays in assessing Graham’s claim in the wake of the 2023 weather events, the insurer offered him a goodwill payment consisting of $1,597.19, which was the estimated cost of repairing the vehicle (less a $400 excess), and a $100 Prezzy card.

The complaint

Graham complained to the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) because he said that his business had lost money in the time it had taken the insurer to assess his claim.

He said when he first made the claim, he told the insurer about the change in vehicle use, and accepted that this

might mean his claim would be declined. He asked the insurer to get back to him quickly to confirm this, and refund his premiums paid since the change in vehicle use, so that he could get on with fixing his vehicle.

However, because there was a delay in the insurer getting back to him after that point, Graham said they owed him compensation.

Investigation

The IFSO Scheme investigated Graham’s complaint.

When Graham arranged the policy, the insurer asked him whether the vehicle was used for private, business or both, and he answered “private”.

He told the insurer that he planned to use the vehicle for business purposes in the future, and the insurer advised him to contact them to update the policy when the vehicle use changed.

In June 2022, Graham started using his vehicle for business purposes, but did not inform the insurer.

Graham was sent renewal documents in January 2023 and was asked to tell the insurer if there was anything that

might affect the policy that it did not already know about. The insurer advised him that if he did not do this, the policy might not be valid, and he might not be covered if he ever needed to make a claim.

Graham did not tell the insurer that he had been using the vehicle for business purposes when the policy renewed in February 2023.

The law says that there is an obligation on an insured to disclose all material information when they arrange an insurance policy and at renewal of the policy. Graham’s insurer also had a policy provision that required him to notify them if there were any modifications to the vehicle, or any material increases or changes in the risk it covered.

The case manager at the IFSO Scheme made enquiries with independent underwriters who confirmed that the change in vehicle use was material information, because they would have either loaded the policy premiums or insured under business cover, rather than private cover. As the underwriters would not have insured him on the same terms, the insurer was able to avoid the policy and declined to consider the claim.

Under the policy, the insurer was required to refund Graham the premium payments he’d made since the vehicle use changed. However, in recognition of the delays in assessing Graham’s claim, the insurer offered Graham more than what the premium refunds would amount to - $1,597.19 together with a $100 prezzy card. This was the most Graham would have received had the insurer accepted his claim.

Outcome

The IFSO Scheme found the insurer had correctly applied the terms and conditions of the policy to the claim.

The IFSO Scheme has no power to require insurers to make any payments outside the terms and conditions of the policy, which meant the insurer was not required to pay any compensation to Graham for delays in assessing his claim.

The IFSO Scheme believed the insurer’s offer was fair and reasonable in all the circumstances.

The complaint was not upheld.

Underinsured when a cyclone struck

In 2012 Henry* bought his first house and asked an insurance broker to arrange house insurance. The broker corresponded with Henry using his work email address, but the email address on the insurance application form was different. The broker presented options to Henry, and Henry took cover under the broking firm’s branded insurance policy, underwritten by a large insurance company.

After the Christchurch earthquakes, most insurers changed the basis on which they calculated cover, moving to sum insured insurance. Sum insured insurance is an estimate of the total amount it would cost to rebuild your home. This was a big change from full replacement cover which allowed for the total repair, rebuilding or replacing the damaged portion of a home, without having to specify a sum insured.

The insurance broking firm wrote to Henry suggesting that he review his cover to make sure he was adequately insured. The broking firm advised that if Henry did not select a sum insured they would calculate one for him based on $2,000 for each square metre of the previously declared size of Henry’s home. Henry did not select a sum insured, so the broking firm used their default calculation.

Every year, on the policy’s anniversary, the broking firm wrote to Henry reminding him to check the sum insured, suggesting an online calculator that could help. Henry did not advise a sum insured so the broking firm continued to base the insurance on their calculation, adjusted for inflation.

In October 2020, Henry’s insurance broker sent an email to Henry’s personal email address, not his work address, saying the broking firm would be communicating with him by email from now on, rather than posting letters. Unfortunately, the insurance broker incorrectly entered Henry’s email address into their system. There was no record that the email ‘bounced back’ so the insurance broker assumed Henry had received it, when he had not.

In March 2022 Henry’s insurance broker transferred his fire and general insurance clients to another insurance broker. The new broker sent an email to the incorrect email address offering to review Henry’s cover to make sure it was adequate. Again, Henry did not receive the email.

In February 2023 Cyclone Gabrielle destroyed Henry’s home. Henry’s insurer accepted his claim, and paid out about $350,000, but this was only about half of what Henry estimated it would cost to rebuild his home. Henry accepted that the insurer had paid out the correct amount but complained about the advice given to him, saying his brokers and the broking firm had not done

enough to make sure Henry knew what he needed to do to be properly insured.

When Henry was unable to resolve the complaints, he complained to FSCL. Dispute

Henry complained about:

• The original insurance broker, saying he had not done enough to make sure Henry knew what he needed to do to be fully insured.

• The new insurance broker, saying he should have contacted Henry personally, and not just relied on an email sent to the wrong address when taking over responsibility as Henry’s insurance adviser.

• The insurance broking firm, for not doing more to make sure Henry was fully insured.

The broking firm did not accept they were liable for Henry’s loss, saying that they had written to Henry every year encouraging him to check the sum insured was correct. The broking firm said it was Henry’s responsibility to contact them if he felt the sum insured was too low.

Henry said he had disregarded the broking firm’s letters because he relied on the insurance brokers to tell him what he needed to know.

The original insurance broker, while sympathetic to Henry’s situation, also did not consider he was liable for Henry’s loss. The broker explained that, under the service agreement with the broking firm, it was not his role to discuss cover with Henry.

The new insurance broker was a member of a different dispute resolution service, so FSCL was unable to look into his actions.

Review

FSCL first looked at the broking firm’s correspondence with Henry over the years and formed the view that if Henry had taken the time to read these letters, he would have understood what he needed to do to make sure he was properly insured. FSCL did not think the broking firm was at fault, and Henry agreed to discontinue this part of his complaint.

FSCL then looked at the original broker’s actions. It was FSCL’s view that the broker had not caused Henry’s loss because it was not their role to contact him directly. The broker was a sub-agent of the main broking firm and that firm had communicated clearly with Henry.

FSCL did not consider that it was reasonable for Henry to disregard the letters from the broking firm. The letters were addressed to him and written in plain language.

The original insurance broker made a mistake when entering Henry’s email address into their system. This error was then carried on to the new broker. Henry said that if he had received these emails, he would have updated his insurance cover.

It is natural for a person to look back on events, with the benefit of hindsight, and think about how an adverse situation might have been avoided. However, on balance, FSCL were not persuaded that, in the time before Cyclone Gabrielle, Henry would have acted any differently if he had received the emails from either his original insurance broker, or the broker that took over.

Having disregarded the broking firm’s letters, FSCL considered it likely that Henry would have disregarded email contact from his insurance broker as well.

Resolution

FSCL suggested that Henry discontinue his complaint. Henry did not respond, so FSCL assumed he did not wish to take his complaint any further and discontinued its investigation.,

INSIGHTS FOR CONSUMERS

If you receive communication from your adviser, broker, or insurer and you don’t know what to do contact them and ask. The information is likely important and ignoring correspondence could result in a considerable loss.

The sum insured becomes the maximum amount that insurers will pay if your home is destroyed in a total loss such as a natural disaster, so it’s important it is as accurate as possible. FSCL encourages you to check not less than once a year that your sum insured will be enough to cover the cost of rebuilding your home.

Can a driver force another to claim?

Hello

Two vehicles are involved in a motor accident.

QUESTION

Insured 1 was reversing their vehicle and hit a parked and unoccupied vehicle belonging to Insured 2. Both vehicle owners have fully comprehensive insurance with their respective insurers.

Insured 1 is clearly at fault and makes a claim with their insurer (section 2 motor liability claim). The insurer for Insured 1 asks that Insured 2 makes their own claim with their own insurance company so the two respective insurers can deal with one another.

The amount of damage to Insured's 2 vehicle is only a few hundred dollars and they refuse to make a claim under their own insurance policy. They want to directly pursue recovery of the repair invoice off the insurer for Insured 1.

Can the insurer for Insured 1 insist that Insured 2 claims under their own policy, or are they still obligated to settle the invoice for Insured 2 regardless of whether he claims with his own insurer or not?

The answer is no. Insurer 1 cannot make the owner of the other vehicle claim on his/her insurance. That is a matter that rests with the owner.

Do you have a question for our experts?

Body corp bother

Hi Crossley,

In respect of a body corporate, are we required to ask each unit owner whether they have adverse history to declare, as they are effectively an interested party of the body corporate, rather than the individual owner of the complex?

Is an insurer able to decline a claim for undisclosed history of a unit owner?

Appreciate your time in advance.

QUESTION

CROSSLEY GATES

Under the Unit Titles Act 2010, a body corporate is a separate legal entity to the unit owners in the same way that a company is a separate legal entity to its shareholders.

A body corporate insurance policy insures the body corporate only as it owns the buildings and other improvements. The policy does not insure the unit owners, although they obviously benefit from the policy.

Section 134 (5) of the Unit Titles Act 2010 requires the body corporate to advise the insurer of the name of every unit owner and every mortgagee.

This means that on the face of it, only the body corporate has to comply with the duty of disclosure. The body corporate is run by its committee members in the same way that a company is run by its directors.

While I suggest it would be rare, it is possible that the background of one or more of the committee members could be a material fact in the same way that the background of a director of a company seeking insurance could be. An extreme example would be if one of them had a conviction for arson.

In relation to your question about whether the body corporate has an obligation to ask every unit owner about any material facts, I am not aware of any law that expressly says this is the case. One argument against this obligation for body corporates is the fact that the insurer automatically receives the name of every unit owner by virtue of section 134 (5) referred to above. Presumably, one of the reasons for this is to allow the insurer to make its own enquiries about any of the unit owners if it wishes to.

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

Subsidence dispute

Hi,

QUESTION

The insuring clause of a policy covers any unforeseen and sudden physical loss or damage caused by;

(f) subsidence, landslip, rockslide or any other movement.

The same policy excludes - loss or damage or expense caused by gradual deterioration.

The policy does not define subsidence.

The Oxford English Dictionary describes subsidence as 'the gradual caving in or sinking of an area of land'.

An insurer is attempting to decline a claim for subsidence by suggesting it is gradual rather than sudden, but the definition of subsidence is gradual deterioration.

Does the insuring clause override the exclusion, or vice versa?

CROSSLEY GATES

The interpretation contended for by the insurer fails the business efficacy rule of contract interpretation. That rule says there is a presumption against an interpretation of a contract that renders part or all of the benefit of the contract completely redundant. No businessman would pay something for nothing.

Clearly, the policy is intended to cover damage caused by subsidence. An interpretation of an exclusion that completely removes that cover will not stand. A court will likely hold that the exclusion does not apply to that cover so that the policy has business efficacy.

QUESTION

Tenant cracks stove top

Hi Team,

I have had a client who is renting a property. A pot was dropped on the ceramic stove top leading to a chip. This has now grown into a crack and the landlord would like the top replaced. The landlord requires either $700 to cover the excess, or a full replacement by the tenants.

Is the tenant (our client) able to claim using the 'damage to other property liability clause' under their contents policy?

This would enable the tenant to pay a lower excess of $250 rather than the $700 posed by the landlord.

Thank you.

ANON

For a claim to be payable under the liability section the tenant must be legally liable for the damage. The tenancy tribunal has ruled that tenants cannot be held liable for accidental damage. The tenant can be held liable where they have been careless but recovery is limited to a maximum of the landlord’s insurance excess, or four weeks of rent (whichever is less). The test for careless acts is a little murky but generally careless damage is caused through lack of attention or concern for the consequences. This event appears to be accidental in nature.

Property damage problem

Hi team,

QUESTION

In the past, we have had claims declined because the allegation against our client didn't include actual property damage (even though there may have been some). This time, a claim has been declined because while our client is alleged to have caused damage, the insurer believes that it is only an aesthetic issue.

The specific issue is to do with plaster cladding that has some visible creases, possibly caused by timber shrinkage.

Doesn't the insurer have an obligation to defend their insured when an allegation, if proven, would trigger cover?

In this case, if a court decided the creasing was actual damage, the policy would presumably be triggered.

CROSSLEY GATES

If an insurer is confident the type of liability alleged is not covered (say, because of an exclusion), then it may decline the claim.

Of course, if after a court case, it is clear that the call was incorrect, the insurer is in breach of contract and can be legally pursued for damages that result from it. I learnt this the hard way when I was an in-house lawyer with an insurer.

Is the insurer confident that the creased plaster cladding is not damaged? If it is in a visible area as part of the interior finish (as opposed to concealed), I am not so sure.

STEVE JACQUES

Agree with Crossley. Rather than just declining to indemnify it makes more sense for the insurer to be involved in the defence. Usually this would be subject to a costs sharing agreement, in case the court decides there was damage, and cover under the policy is then triggered.

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.

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

*These webinars: 10.30 - 11.00am

APRIL 3 :::::

TOPIC: Focus on the Code of Professional Conduct for Financial Advice Services

PRESENTER: Angus Dale-Jones - Financial Advice Code Committee

The Code is a key part of the financial advice regime. Its standards are principlesbased prompts designed to work in a wide range of advice situations. This session provides a refresh on how the Code can help you give good advice and covers how and why the Code encourages you to continue developing your professional skills.

APRIL 4 :::::

TOPIC: Introduction to insurance and broking

PRESENTER: Simon Moss - NZBrokers

In this webinar Simon will describe the history of insurance, its importance to commerce, the insurance markets, and the role of the insurance broker to understand their clients' 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.

APRIL 10 :::::

TOPIC: Online presence and visibility

PRESENTER: Leanne Coste - Better your Biz

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.

APRIL 11 :::::

TOPIC: EQC webinar

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.

Negotiation skills workshop series

- Part 2

Trevor Slater - Dispute Resolution Practitioner

This three-part masterclass explores the skills of a good negotiator and how these skills can be applied in providing financial advice as an insurance broker.

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 scenarios explaining why putting these coverages into run off is often very important.

Home insurance - issues arising out of 2023 significant

Claire Benjamin & Andrew Gunn - IFSO

Weather events in 2023 were devasting, both on a personal and property level. Claire Benjamin IFSO Scheme Senior Solicitor - Lead Case Manager Fire and General, discusses recent cases to the IFSO Scheme.

MAY 7 :::::

TOPIC: General Liability - back to basics

PRESENTER: Ian Thompson - Vero Liability

Following on from the Duty of Disclosure seminar focusing on Public Liability, we expand upon the basic information that should be provided to insurers to ensure that the liability policies reflect the correct insured name, business description, limit of indemnity and territory and jurisdiction.

MAY 8 :::::

TOPIC: PARAMETRIC INSURANCE – A new option for disaster insurance in New Zealand

PRESENTER: Paul Barton - Bounce

Today we are seeing an unprecedented hardening in the traditional insurance industry with reduced capacity and increasing premiums combined with the added pressure of ongoing severe weatherrelated events. Now is the time to think differently about insurance solutions.

MAY 14 :::::

TOPIC: Business interruption natural disaster claims and issues

PRESENTER: Mark Anderson - Commercial Loss Management

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

MAY 15 :::::

TOPIC: Liability run-off

PRESENTER: Ellie Harrison - Wynn Williams

This session will cover off what "run off" insurance cover means, what does it cover, why is it useful, and how long does it run.

MAY 16 :::::

TOPIC: Negotiation skills workshop series - Part 3

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.

MAY 22 :::::

TOPIC: Professional indemnity

PRESENTER: John Moore - Delta

This session will discuss which businesses need professional indemnity coverage and how it fits with other liability coverages. We also examine the risks and policy coverage offered to different professionals as well as recent claims examples.

MAY 28 :::::

TOPIC: Private motor vehicle insurance issues*

PRESENTER: Claire Benjamin & Andrew Gunn - IFSO

The IFSO Scheme public webpages on motor vehicle insurance issues gets more views than any other topic. Understanding motor vehicle insurance policies and what is covered are not always that well understood, and the adviser is central in helping clients. Claire Benjamin IFSO Scheme Senior Solicitor - Lead Case Manager Fire and General discusses recent cases to the IFSO Scheme.

JUNE 5 :::::

TOPIC: Introduction to the world of underwriting agencies

Underwriting agencies are increasing in numbers and size. In this session we will explore what UW agencies are, their unique value proposition, and how they aspire to change NZ’s insurance landscape.

JUNE 6 :::::

TOPIC: Selfcare in hard times

PRESENTER: Roydon Gibbs - Skillset New Zealand Stressed? In this presentation you will discover practical and proven ways to take care of your wellbeing, stay motivated, and find satisfaction in your work, even in hard times.

JUNE 12 :::::

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

PRESENTER: Mark Anderson - Commercial Loss Management

This session will cover the importance of gross profit when putting a business interruption programme together.

JUNE 18 :::::

TOPIC: Indemnity – demystifying the process

PRESENTER: Chris Shannon & Sean McIntyre - Duncan Cotterill

It can be an uncertain time for any client when their insurer tells them that they have instructed an independent law firm to provide indemnity advice before confirming insurance cover. In this short presentation, Chris Shannon and Sean McIntyre of Duncan Cotterill will demystify the process and explain some of the key issues to consider, and what insurance brokers can do to help their clients.

JUNE 25 :::::

TOPIC: Adviser value, pre claims and claims assistanceGetting it right*

PRESENTER: Andrew Gunn - IFSO

Clients often expect advisers to assist them with their insurance claims, often mistaking the role of the adviser, insurance broking company and the insurer. These misunderstandings can lead to incorrect expectations of the adviser, the adviser over-reaching within their role, or withdrawing from assisting the customer with their claim, and the customer being disappointed and complaining to the adviser and their service.

Contract Works

NZ Economic Outlook

JULY TO DECEMBER 2024 TOPICS

John Rigby Ando

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 clients' needs leads to complaints.

Home Owners, Main Exclusions/Cover Pitfalls

Susan Taylor FSCL

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

AI

Duncan Cotterill

Duncan Cotterill

FAP Regulatory Returns FMA

Findings from Monitoring FMA

Product Recall Ron Currin Delta

Marine Cargo Insurance

Round the World

Terry Mutimer Vero Marine

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.

Navigating crises with confidence: Key elements leaders must consider in crisis management

Gallagher Bassett New Zealand reflected on the significance of crisis readiness on the first anniversary of the devastating Cyclone Gabrielle.

Chief executive Craig Furness said building knowledge within organisations was a key lesson learned.

"Preparing for a crisis is not just about having a plan in place. It's about trusting your people and trusting your processes.”

“When the pressure mounts, it's essential to rely on the knowledge that your team possess, knowing that you have the right expertise to navigate these times," Furness added.

Furness also highlighted the importance of creating opportunities to simulate potential crises and arming companies and their leaders with the foresight to anticipate challenges.

"By providing the opportunity to simulate potential crises and preparing for what might come ahead, leaders can learn to trust their instincts and make the right decisions when faced with a challenging situation.”

Gallagher Bassett New Zealand also stressed the importance of conducting crisis simulations to allow leaders to familiarise themselves with natural disaster scenarios and respond appropriately when the time comes.

The way the world communicates is changing.

Roger Abel

Rothbury Group Limited

PO Box 1596

Shortland Street

Auckland 1140

Mob: 021 952 230

roger.abel@rothbury.co.nz

Jill Comley-Forbes

Chief Executive Officer

Willis New Zealand Ltd

PO Box 2220

Christchurch 8140

Tel: 03 366 5715

Mob: 027 451 8098

jill.comley-forbes@wtwco.com

Angus

Tony Bridgman

(Immediate Past President)

Executive Director Marsh Ltd

PO Box 2221

Auckland 1140

Tel: 09 928 3015

Mob: 021 873 399 tony.j.bridgman@marsh.com

Duane Duggan

Head of Insurance Legal

Arthur J. Gallagher & Co (NZ) Limited

PO Box 68910

Wellesley Street, Auckland 1141

Tel: 09 357 4805

Mob: 021 833 286 duane.duggan@ajg.co.nz

Dave

John Chandler

Chief Commercial and Client Officer

PIC Insurance Brokers Ltd

PO Box 58842

Botany

Auckland 2163

Tel: 09 281 6870

Mob: 029 969 3878

john.chandler@pic.co.nz

Samuel Kerr (Vice President)

Insurance Broker SHARE

PO Box 305415

Triton Plaza

Auckland 0757

Tel: 09 476 1670

Mob: 021 980 435 sam.kerr@sharenz.com

Neil Cousins (President)

Broker Services Manager

Steadfast NZ Ltd

PO Box 180

Shortland Street

Auckland 1140

Tel: 09 309 7942

Mob: 021 377 942

neilc@steadfastnz.nz

Jo Mason CEO

NZ Brokers Management Ltd

PO Box 334012

Sunnynook, North Shore City

Auckland 0743

Tel: 09

Mel Gorham

Chief Executive IBANZ

DDI: 09 306 1734

Mob: 021 0852 5568 mel@ibanz.co.nz

Tel:

Karen Scard

Administration & Accounts Manager

DDI: 09 306 1738 karen@ibanz.co.nz

Julie Walsham

Member Services & Technical Manager IBANZ

DDI: 09 306 1733

Mob: 021 0822 2727

julie@ibanz.co.nz

Nelson

Neville Newcomb Insurance Brokers Ltd Auckland

Northco Insurance Brokers Ltd Masterton

Northcrest Insurance Brokers Ltd Auckland

O'Connor Warren Insurance Brokers Tauranga

OFS Insurance Brokers Ltd Dunedin

Omni Fire & General Ltd Auckland

Paramount Insurance Agencies Ltd Auckland

Partridge Advisory Limited Auckland

Paterson & Co NZ Ltd Auckland

Penberthy Insurance Ltd Auckland

PIC Insurance Brokers Ltd Manukau

Prestige Insurance Broker Services Ltd Auckland

Primesure Brokers Ltd Auckland

Property and Commercial Insurance Brokers Feilding

Provincial Insurance Brokers Limited Masterton

PSC Connect NZ Limited Auckland

RMA General Ltd Warkworth

Rothbury Group Ltd Auckland

Runacres Insurance Ltd Christchurch

SHARE Auckland

Sit & Blake Limited Auckland

South Pacific Insurance Brokers Ltd Auckland

Thames Valley Insurance Ltd Thames

The Advisers for insurance New Plymouth

Thorner General Insurances Ltd Upper Hutt

Towes Insurance Brokers Ltd Te Aroha

Vercoe Insurance Brokers Ltd Morrinsville

Vision Insurance (S.I.) Ltd Ashburton

Wallace McLean Ltd Auckland

Wanganui Insurance Brokers Ltd Wanganui

Wealthpoint General Limited Auckland

Willis Towers Watson Auckland

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

A BROKER CPD FOR MEMBERS WHY JOIN IBANZ?

IBANZ members provide independent professional advice focused on client needs.

We set a professional standard through our Code of Professional Conduct and Constitution to ensure members reach an appropriate standard.

IBANZ gives strength and support to members enabling them to better meet their challenges and opportunities.

FIND