Preparing for FENZ levy changes - a view from the Beehive
A global perspective on the fast-moving world of insurance
Ready or Reacting? What NIBA’s Future Report means for New Zealand brokers
Steering resilience - a local government perspective
Aon unveils AI claims platform
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Welcome to the December edition of Covernote
Inthis issue, we explore the forces reshaping New Zealand’s landscape, from climate adaptation and regulatory reform to the changing role of brokers and the innovators challenging industry boundaries.
The CoverNote feature story, Preparing for FENZ levy changes – a view from the Beehive, interviews Hon. Brooke van Velden, who is Minister for the Department of Internal Affairs (and thus responsible for the FENZ portfolio). This interview focuses on the role of brokers as FENZ levy collectors and whether there are any plans for a future FENZ levy review.
We are delighted to sit down with Auckland Councillor Richard Hills to discuss the National Adaptation Framework. The interview focuses on the importance of making informed choices through data and good advice from insurance brokers, as well as understanding the important leadership role of councillors in informing their communities.
Meanwhile, over the ditch, we discover Ready or Reacting? What NIBA’s Future Report Means for New Zealand Brokers as we dive into the big questions facing intermediaries. The report was produced in partnership with the Community Broker Network (CBN) in Australia, drawing on insights from CoreData and sector interviews. With digital transformation reshaping customer expectations and underwriting complexity increasing, the report challenges brokers to move from reactive problem-solvers to proactive advisers.
Rounding out this edition, innovation also takes centre stage in Sønr: Beyond Boundaries. CEO Matt Connolly outlines major trends transforming the industry, including AI becoming core infrastructure, the risk of embedded insurance, climate-resilience solutions, and accelerating operational modernisation. He believes New Zealand is uniquely positioned as an agile “innovation petri dish” with strong leadership and opportunities to succeed.
Across these stories, a unifying theme emerges: New Zealand stands on the edge of transformation. Whether through climate adaptation and mitigation, technological innovation, or regulatory reform, the nation is recalibrating how it understands and manages risk. This issue offers a forward-looking lens into that momentum, capturing the challenges ahead and the opportunities rising with them.
Whether you’re a seasoned adviser or just starting out, we hope this edition of CoverNote offers inspiration, practical insight, and a sense of connection to the wider IBANZ community.
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: Katherine Wilson, Chief Executive, IBANZ. Email: katherine@ibanz.co.nz IBANZ National Office located at: The Crate, 28 Constellation Drive, Rosedale, Auckland 0632 PO Box 302504, North Harbour, Auckland 0751 Telephone 09-306-1734 Website: www.ibanz.co.nz
AMI survey highlights do-it-yourself landlords could be a ‘little too lax’
NewZealanders who dive into property investment as a perceived fast-track to wealth may be unwittingly putting their properties and financial security at risk, by being a ‘little too lax’ when it comes to their responsibilities as landlords.
In research commissioned by AMI, 15% of tenants report that they do not have regular property inspections. In the same survey, more than half of renters contact their landlord directly (not via a property manager), and over a quarter (27%) characterise their landlord as someone with whom they have an ‘existing, personal’ relationship.
In New Zealand, rental property owners can choose to manage the property and the tenant relationship themselves or via a property management service. Just under half of all rental properties are owned and managed by nonprofessional landlords, and of that group, the majority own only one investment property. Additionally, many Kiwi tenants have a personal relationship with their landlord who may also be a family member or friend.
Stephannie Ferris, AMI Executive General Manager Claims, highlights that while it is common for property owners to rent to friends and family, it’s important that they are aware of their responsibilities and are prepared to be accountable for property management decisions.
“With interest rates dropping, and the market becoming more affordable, we know more aspiring property investors are considering purchasing a rental home. We want to make sure they are taking the right steps to protect their property and interests.
“While it’s popular to rent to people you know well, it’s essential that property owners are still taking proper precautions to protect those assets. This includes making sure they do appropriate checks before the tenant moves in
and that they get into the habit of making regular, recorded inspections. This is particularly important to ensure any insurance claims you need to make on your insurance go as smoothly as possible.”
Specialist landlord cover is key
It is increasingly clear that specialist landlord insurance targeted to support the increased financial risk property investors take on is a must-have for many property owners.
Steph Ferris says, “Specialist landlord insurance policies like AMI’s Landlord Home and Contents Cover are specifically designed to help property investors manage common risks associated with tenanted properties. These policies typically include cover for the repair or replacement of damaged or stolen chattels and furnishings, lost or defaulted rent, and the clean-up of abandoned possessions. They can also significantly reduce the financial impact of unplanned downtime between tenancies while repairs are carried out.”
AMI data shows that claims that include cover for loss of rent have increased by one third (33%) over the past five years.
“The average claim paid for loss of rent is the equivalent of more than eight times the average weekly rent in New Zealand. This is because repair work often takes time, and a property can only be advertised and re-let once those works are completed. Most do-it-yourself landlords are unlikely to have the surplus cash needed to cover mortgage and other expenses if major repairs, such as those required after a fire, for example, are necessary.
“Getting smart about protecting assets ahead of time means landlords can do right by their tenants and be better prepared to protect property and their own wealth in the long-term,” said Steph Ferris.
Preparing for FENZ levy changes - a view from the Beehive
Manyin the insurance industry are currently involved in preparing to comply with upcoming changes to the Fire and Emergency NZ (FENZ) levy, whether that be staff training about the changes or making sure internal systems will be ready.
IBANZ members place about half of all general insurance premiums, which means our membership is responsible for collecting a significant proportion of all FENZ levy monies received on behalf of the government.
Hon Brooke van Velden has portfolio responsibility for FENZ through her Internal Affairs portfolio. CoverNote recently had the opportunity to put some questions to Minister van Velden about the role of brokers as FENZ levy collectors and whether there are any plans for any further FENZ levy review. Broker acknowledgement
Minister van Velden began by expressing her gratitude to IBANZ members for the role they play in supporting the work of Fire and Emergency in New Zealand.
“I want to thank IBANZ members for their continued commitment to collecting the FENZ levy – the levy funds a vital service that helps keep communities safe. Your efforts ensure Fire and Emergency has the resources it needs to respond when New Zealanders need it most.
“I also appreciate the work you are doing to support a smooth transition to the updated levy arrangements. This change is no small task, especially in an environment of more frequent severe weather events and with other regulatory changes beyond the Fire and Emergency levy. Your ongoing commitment is critical to managing these challenges.”
Strong working relationships
Asked how the Government is ensuring that the regulatory framework for insurance intermediaries remains proportionate and doesn’t create unnecessary compliance burdensparticularly for small and medium-sized brokerages – Minister van Velden pointed to the work done on the FENZ levy.
“The Government worked closely with sector representatives, including IBANZ, to understand the operational realities and reduce unnecessary complexity. For example, when concerns were raised about the original proposal for
mixed-use property levy allocation, I agreed to simplify the approach to make it workable.
“I’m encouraged by the stronger working relationships that insurance sector representatives have developed over the past 18 months with Fire and Emergency New Zealand officials and the Department of Internal Affairs. I hope this will continue as those good, practical conversations are what’s needed to ensure the regulatory system will work as it should.”
Future model review?
The industry has long advocated to replacing the FENZ levy with a fairer, more efficient funding model. CoverNote asked Minister van Velden whether the Government would consider a review of the FENZ funding model in future.
“I understand the concerns IBANZ and others have raised about the insurance levy model and the desire for a funding approach that is fair and efficient. At this stage, the Government does not plan to review the funding model for Fire and Emergency.
“A review of the funding system was undertaken between 2019 to 2021, where the outcome was to retain the insurance levy model. However, the Government will continue to monitor the system’s performance and will remain open to feedback from the insurance sector and the wider public.”
FENZ levy guide coming
The upcoming changes to the FENZ levy are scheduled to take effect from 1 July 2026. However, the industry is calling for these to be implemented by 1 April 2026 to align better with insurers’ policy renewal cycles and reduce the administrative burden of mid-year changes.
The Insurance Council of New Zealand (ICNZ) and IBANZ are working with FENZ on a new Fire and Emergency New Zealand Levy Guide to help insurance companies and brokers understand the upcoming changes.
The Guide is a proactive step to help the industry prepare for the upcoming changes in 2026 and will include practical worked examples to assist with compliance. The guide is expected to be released end-November or start of December. It will be shared via IBANZ News, in which IBANZ members will receive an emailed copy.
Hon Brooke van Velden
A global perspective on the fast-moving world of insurance
Matt Connolly, the Founder and CEO of international insurance market intelligence company Sønr, was a highlight of the recent Resonate 25 Insurance Innovation conference in Auckland where he presented key findings from Sønr’s fascinating Beyond Boundaries research report.
Hot on the heels of the report’s global release at ITC Vegas - the world’s largest gathering of those who are passionate about driving innovation in insurance – Matt headed to Auckland to share unique insights into emerging and established tech companies leading transformation in the global insurance industry.
CoverNote caught up with him to ask a few questions.
What are the key trends you see shaping the future of insurance in the global market?
1. AI is becoming core infrastructure. It’s transforming underwriting, claims, and customer service - but also introducing entirely new risk classes that need insuring. There’s no question that much of the current AI frenzy has the hallmarks of a bubble - inflated valuations, rushed implementations, and a lot of noise. But even if some of that cools, the underlying transformation is very real. AI isn’t just a tool anymore; it’s becoming a foundational layer of how insurers operate and compete. Over the next few years, we’ll see a separation between those chasing headlines and
those building enduring capability - embedding AI deeply into processes, decisioning, and product innovation. And that’s where the real value will emerge.
2. Embedded insurance is maturing. The shift from selling to embedding coverage in ecosystems - retail, mobility, health - is unlocking new distribution models and customer reach.
3. Climate resilience is front and centre. From parametric products to carbon credit insurance, climate-driven innovation is rapidly evolving from niche to mainstream.
4. Operational transformation is accelerating. Insurers are finally modernising tech stacks, building API-based platforms, and investing heavily in talent and upskilling. How can New Zealand brokerages best prepare to respond to these trends?
Brokers play a crucial role in translating global change into local opportunity. The key is staying informed, adaptable and connected.
First, it’s essential to stay across global developments - who’s investing, where innovation is emerging, and how customer expectations are shifting. For example (and excuse the plug), Sønr’s market intelligence helps brokers and insurers worldwide anticipate these shifts and identify opportunities early.
Second, use technology to enhance what you already do best. Digital tools can streamline admin, provide richer insights, and free up time for deeper client engagement.
Finally, think collaboration. Partnering with insurers, service providers, and even startups will be key. Those who keep one eye on the global picture and the other on how to apply it locally will be the ones leading the market. Did you notice anything unique about the New Zealand insurance market?
New Zealand is often described as an innovation petri dish - small enough to experiment, yet advanced enough to make ideas scale. That creates a powerful environment for testing and proving new models.
What really stands out is the access to leadership. It’s possible to reach and collaborate with senior decision-makers across the industry, and that proximity helps innovation move quickly from concept to delivery. Few markets in the world have that level of openness.
There’s also a deep and practical focus on climate resilience, which aligns with global priorities but runs deeper here because of the country’s exposure to natural catastrophes. It’s not just about modelling risk; it’s about designing better cover and mitigation strategies.
Size, access, and collaboration make New Zealand one of the most agile and opportunity-rich insurance markets globally.
The Beyond Boundaries report says, “For years, innovation in insurance has been rich in discussion but slow in delivery.” Is delivery speeding up now?
It is - and noticeably so. Innovation is no longer a side project; it’s embedded in the core of how insurers operate.
Years of modernising legacy systems are paying off, giving insurers the ability to launch and scale new products far faster. There’s also a cultural shift underway: leadership teams are demanding measurable outcomes, not just pilot programmes or proofs-of-concept.
Partnerships between incumbents and insurtechs have accelerated things, too. They bring together scale, capital and agility - which turns ideas into market-ready products at pace. And external pressure helps: from AI disruption to customer expectations shaped by tech giants, the industry knows that slow execution now means falling behind.
So yes, delivery has sped up - not because innovation has changed, but because the mindset around how it’s delivered has.
Beyond Boundaries emphasises the role AI and technology in general are now playing. Are you seeing demographics play a role in accepting AI and change within the industry?
Demographics definitely play a part - but mindset matters more.
Younger professionals tend to embrace new tools naturally, while more experienced teams bring the contextual knowledge needed to apply them responsibly. The most progressive insurers are blending those strengths and upskilling across generations, ensuring AI isn’t just a tech initiative but part of how everyone works.
The same is true for customers. Younger generations expect instant, digital experiences; older ones value trust and reassurance. The best players design journeys that combine automation with human connection.
The divide isn’t really about age. It’s between those willing to adapt and those waiting to see what happens. The companies leaning in, learning fast, and applying AI with purpose are setting the pace.
What’s your favourite case study from the Beyond Boundaries Signal50 list?
Testudo is a great example - they’re building insurance around AI liability, which is one of the newest and fastestgrowing areas of risk. As AI gets embedded into everything we do, the question of who’s responsible when things go wrong becomes huge. Testudo’s ahead of the curve on that.
I’m also really interested in the climate-focused ventures like Kita and CarbonPool, which are creating cover for carbon markets and renewable energy projects. They’re showing how insurance can actually help drive the transition to net zero.
Then there’s a wave of femtech and health innovators doing incredible work - companies like Fertifa in the UK, Hvild in Norway, and Koltin in Mexico. They’re rethinking protection around fertility, menopause and senior health, areas that traditional insurance has largely overlooked. It’s refreshing to see new products built around inclusion, prevention, and realworld needs, rather than legacy assumptions.
What I love most is that these startups aren’t just improving existing products; they’re redefining what insurance is for. That’s what the Signal50 captures so well - the creativity and conviction driving the next wave of change in our industry.
Ready or Reacting?
What NIBA’s Future Report means for New Zealand brokers
TheNational Insurance Brokers Association (NIBA) in Australia released a major report at its recent 2025 convention setting out the trends likely to reshape insurance broking through to 2035 - and many of the insights will strike a chord with New Zealand brokers too.
Ready or Reacting? Shaping the Future of the Insurance Broking Profession was produced in partnership with the Community Broker Network (CBN) in Australia, drawing on insights from CoreData as well as quantitative and qualitative data from the sector.
It’s the first in a series of sector insights NIBA intends to release over 2025-26. The inaugural report outlines how technology, regulation, and a rapidly changing risk environment will define the next decade for brokers across Australasia.
NIBA CEO Richard Klipin describes Ready or Reacting as a clear call to action, setting a decisive agenda for the decade ahead and calling for adaptability to seize opportunity amid accelerating disruption.
The message is clear: standing still is not an option. Brokers must evolve from product-transactors into strategic advisers, leverage technology intelligently, and build resilience in the face of mounting regulatory, digital and risk-landscape shifts.
Three major shifts identified – and what they mean for New Zealand brokers
1. Technology and data-driven advisory
83% of surveyed Australian brokers expect technology and automation to significantly impact the profession by 2035yet only 61% feel prepared.
For New Zealand brokers, this means future competitiveness will depend on embedding data, digital tools and automation into day-to-day practice for the likes of risk intelligence, client engagement, underwriting support and claims insight.
Those who simply automate existing workflows without shifting advisory model risk being overtaken, while those who adopt digital capabilities ahead of the pack can position themselves as a 'trusted adviser' to clients navigating complex risk environments. In order to make technology adoption meaningful, rather than a cost burden, investment in capability, not just systems, will be critical.
2. Regulation, compliance and operating models
86% of respondents expect increased regulation by 2035, but only 62% believe their business is ready.
Like Australia, the New Zealand compliance landscape is becoming more demanding. From changes to disclosure regimes, to growing expectations of brokers as advisers rather than intermediaries, to heightened scrutiny of fair conduct, and consumer outcomes.
Just like our colleagues across the Tasman, New Zealand brokers need to focus on their governance, data management, documentation, continuing education and advice processes. Operating models that rely heavily on manual, legacy processes are vulnerable. Those that invest in simplified, automated workflows and a strong compliance culture will be better placed to absorb future regulatory shocks.
3. Emerging risks, advisory value proposition and consolidation
76% of Australian brokers believe they need to expand into new risk domains to remain relevant, yet only 64% feel prepared.
Emerging exposures such as climate change, cyber, supply chain, ESG-linked liability, and new insured risk domains (e.g., emerging technologies, gig economy, embedded insurance) offer opportunities for those who have the advisory capability and partner ecosystems to match.
At the same time, consolidation is a theme in the report. Scale pressures, technology investment burden and increasing operating costs may leave some smaller brokers feeling squeezed. For some, the choice will be either build scale, specialise, or integrate into a larger group.
Implications and strategic levers for New Zealand broking firms
• Re-frame your value proposition: The 'place the risk, pass the paper' model is under pressure. Brokers need to emphasise their role in helping clients anticipate and mitigate risks, structure cover holistically, and advise dynamically as exposures evolve. That means shifting from transaction to subscription-model thinking with ongoing advisory, embedded risk services, and data-driven reviews.
• Invest smartly in digital enablement: Identify the key tools that unlock capability. It could be data analytics to surface hidden client exposures, automation to free time for advisory tasks, or digital client portals to enhance engagement. Make capability the priority, not change for change’s sake.
• Prioritise talent, skills and culture: With the report showing only a portion of brokers confident in their readiness, the need for capability uplift is clear. Bring in new skill sets, upskill existing teams, and embed a culture of continuous learning.
• Engage in partnerships and ecosystems: As the risk environment diversifies, increasingly, no individual broker can be an expert in everything. Collaborations with managing general agents, specialist advisers, insurtechs and other intermediaries will help. Brokers should explore alliances that expand their reach into cyber, ESG, embedded insurance, parametric risk, and other emerging domains.
• Maintain personal service while scaling: As operations scale or automate, there is a need to preserve trust, personal relationships and local service. New Zealand brokers’ local knowledge and personal advisory strength are the key differentiator which shouldn’t be sacrificed as the business scales.
What brokers in New Zealand can do now
• Conduct a 'future-readiness' gap assessment: Evaluate your firm’s current state vs. the dimensions highlighted in the report (technology readiness, regulatory posture, advisory model, emerging risk capability). Identify the three biggest gaps and develop a roadmap to close them.
• Refresh client conversations: Use insights from the report to lead strategic dialogues with clients - eg, “What are the risks your business may be exposed to in 2030? How ready are you for a cyber-event? What about supply-chain disruption or climate-linked liability?” Reposition as a forward-thinking partner.
• Explore early-stage technology pilots: Start small but meaningful: eg, a data-dashboard to show clients trending exposures; automation of policy-review workflows; self-service portal for clients to surface risk changes. The objective is to build fluency and internal capability.
• Monitor regulatory change and elevate compliance architecture: With regulations changing rapidly, firms should embed governance and control frameworks that can adapt. Leverage your IBANZ membership for regulatory horizon-scanning and best-practice sharing.
• Attract and retain advisory talent: As the broker role shifts, the team you need will look different. Identify the profiles you will need in three to five years and start building those capabilities now.
• Collaborate and specialise: Choose a few emerging risk domains where you believe you can lead, partner or develop specialist expertise. Then set about purposefully building depth in one or two selected areas.
The core message of the Ready or Reacting report is that brokers who prepare will thrive, while those who react may struggle. Like Australia, the opportunities for New Zealand’s broking community are significant, but so are the changes required.
In an era where risk, regulation and technology are shifting rapidly, the question for every broker today is "How will I lead for the decade ahead?" By embracing the themes of the reportdigital transformation, regulatory readiness, advisory evolution and emerging risk specialisation - New Zealand brokers can choose not simply to react, but to be ready.
Our thanks to our colleagues at NIBA for sharing the content of their Ready or Reacting report and for enabling our IBANZ CEO, Katherine Wilson to attend the NIBA 2025 Convention.
Kiwis call for strong leadership, clearer data and greater investment to tackle
NewTalbot Mills research commissioned by Suncorp New Zealand reveals a clear public appetite for action on climate adaptation, with 82% of New Zealanders wanting greater access to natural hazard risk information and strong support for Central (87%) and Local Government (86%) to lead adaptation planning.
The nationwide survey of 1,008 New Zealanders shows strong support for a nationally coordinated, better-funded approach - aligning with the Government's new National Adaptation Framework, announced this morning.
Jimmy Higgins (pictured), CEO of Suncorp New Zealand and a member of the Independent Reference Group on Climate Adaptation, says the Framework is a vital starting point to break the repeating pattern of climaterelated damage and recovery.
“Climate change is creating a costly cycle of repairing and rebuilding in the same vulnerable areas. The new framework gives New Zealand the tools to plan and invest ahead of time – so we can reduce risk before disasters strike and help communities recover faster.”
“We welcome the Government’s efforts to make natural hazard data more accessible, including through the development of the National Flood Map. Better information will help people and businesses make more informed choices about where they live, work and build.”
Kiwis back early investment in resilience
The National Adaptation Framework will help orient
climate adaptation
investment towards reducing risk before natural disasters strike. Suncorp’s research shows four in five New Zealanders (80%) support increased spending on maintenance of existing protections such as stormwater systems and dune reinforcement, while three in four (75%) back investment in new mitigation infrastructure.
“Communities that invest early in resilience will face fewer losses later, making insurance more affordable and sustainable,” Higgins said. “We’re keen to work with councils to help them understand how insurance markets respond to adaptation decisions, so they can plan with confidence.”
Public supports stronger funding for climate adaptation
The Suncorp research suggests New Zealanders have clear views on who should pay for adaptation in highrisk areas, with strong support for a user-pays approach. The overwhelming majority of respondents believe those who contribute to higher risk (84%) or directly benefit from protective infrastructure or services (79%) should bear a greater share of funding responsibility.
More than half of New Zealanders (58%) support creating a dedicated national climate adaptation fund, consistent with the new National Adaptation Framework’s focus on establishing a national cost-sharing model for climate adaptation and recovery.
“Adaptation isn’t just about responding to today’s challenges – that’s how we turn today’s risks into tomorrow’s resilience – it’s about preparing for what’s ahead,”
Higgins said.
“If we continue to plan together, invest early, and make informed choices, we can build more resilient communities. New Zealand has a unique opportunity to lead by example and set a benchmark for others around the world.”
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Christian Barrington on green underwriting, resilience and the road to net zero
At this year’s Next Fest, hosted by the Sustainable Business Network, NZI stepped forward as Principal Partner with a bold message: sustainability isn’t just a priority - it’s a strategic imperative. Among the standout voices was Christian Barrington, Chief Actuary for IAG New Zealand, whose advisory role with NZI is helping shape how the business supports brokers and clients in a rapidly changing economy.
Christian’s contribution was more than technical - it was personal, passionate, and deeply rooted in his journey through the insurance industry. From his early days as an Actuarial Analyst in London to leading actuarial strategy across IAG New Zealand, which NZI is a business division of, he’s seen firsthand how seismic events - both literal and economic - can reshape the landscape of risk.
A career defined by change
Christian’s path into insurance began in 2008, when he was living in London with his Kiwi wife, Deahna (pictured with
Christian and their two sons). “Deahna wanted to return home, so I needed a job,” he says with a laugh, “and a role opened up in New Zealand at just the right time. I remember my interview with Karl Armstrong, previously NZI’s Executive General Manager, who thought I had something valuable to offer.”
What followed was a career marked by pivotal momentsnone more defining than the Canterbury earthquakes in 2010.
“I was about to leave the industry in all honesty,” Christian recalls, “but the earthquakes changed everything. From a professional perspective, it was one of the most complex and challenging events to deal with,” he recalls.
“It was the biggest insurance event to hit Australasia. And it taught me how deeply insurance is connected to the economy, the community, and the future.”
Christian was tasked with estimating the cost of the disaster across all IAG brands, including NZI, advising senior management on capital and claims, and using geospatial
Left to right: Christian, Deahna, Tom and James
analysis to understand the compounding damage from a series of earthquakes. “It wasn’t just actuarial work - it was insight generation across the business.
“The event reshaped the entire New Zealand insurance market, including reinsurance structures, and a shift from replacement policies to fixed sums insured, as well as dealing with EQC – now the Natural Hazards Commission –Toka Tū Ake.”
Making sustainability commercial
At Next Fest, Christian drew on his previous experience navigating the aftermath of the earthquakes to contribute meaningfully to a panel titled Fuelling the Next Economy –Unlocking Access to Finance. Held at Auckland Zoo, the session featured leaders from venture capital, banking, philanthropy, and government. Christian’s message was clear and compelling: sustainability-focused businesses aren’t high-risk - they’re long-term risk reducers.
He challenged the audience to rethink how risk is priced into capital and underwriting. “My passion is about making sustainability commercial,” he said.
“How do we take something like the Paris Agreement’s goal to make financial decisions that support low emissions and climate-resilient development - and actually make it work in real life for our business, our partners, clients and communities?”
Christian sees climate change as a seismic shift in the economy, akin to the earthquakes that defined his early career. “The electrification of the economy is happening fast. So, my role with NZI is to help advise the team on these opportunities - renewables, solar, wind - and find ways to support clients without compromising financial security.”
NZI’s underwriting innovation
One of the ways NZI is doing this is through its Sandbox Underwriting Framework - a new approach that allows the business to explore and insure emerging climate-related risks in a controlled environment. “The Sandbox Underwriting Framework lets us test new ideas, collaborate with brokers and clients, and shape the future of insurance collaboratively,” Christian explains. “It’s about being agile while staying disciplined.”
This framework aligns with NZI’s broader strategy to support sustainable business and green underwriting. It’s a way to lead the market, not just follow it - and to help brokers offer differentiated, ESG-aligned solutions to their clients.
Christian is also passionate about changing the brokerinsurer relationship from transactional to transformational. “The United Nations Sustainable Development Goals are all about partnerships,” he says.
“We’ve always looked at clients and communities as partners - not just risks. Not only are we insuring the futurebut we’re also helping to build it.”
Broker leadership and business opportunities
For brokers, this means new tools, new conversations, and new opportunities to lead. “The economy is changing,” Christian says. “And brokers have a critical role to play in helping clients understand and adapt.”
Asked what advice he’d give to brokers wanting to get into the sustainability space, Christian doesn’t hesitate. “Open your mind to these business opportunities, go to events like
Next Fest, the 2026 Climate Change & Business Conference, and chat to the sustainability team at NZI,” he says. “It makes you realise it’s not just a climate issue - it’s an economic transformation.”
He points to the electrification of the economy and our homes in the future – along with the rise of renewable energy as examples of how sustainability is reshaping New Zealand. “Understanding these shifts gives brokers a strategic edge. It’s about insight, not just information.”
Karate, boxing, and fatherhood
Outside of work, Christian’s passions are just as intense. He achieved his second-degree black belt in karate last year, enduring 14 rounds of physical sparring, with the scars to prove it and trains weekly at Boxing Alley in Auckland. “It keeps me grounded,” he says.
“I also enjoy spending time with my sons James, 16 and Tom, 12 (also pictured), whether that be building Lego models with them or umpiring their cricket matches.”
It’s this balance of discipline and dynamism that defines Christian’s leadership - whether in the dojo, the boardroom, or on stage at Next Fest.
Christian in the dojo
2025 ANZIIF New Zealand Insurance Industry
Awards:
Strengthening standards across the sector
Morethan 450 insurance professionals came together in Auckland on 27 November for the 2025 ANZIIF New Zealand Insurance Industry Awards, a landmark event recognising excellence, professionalism and leadership across the entire industry. Now in its thirteenth year, the Awards continue to play a critical role in raising industry standards, acknowledging organisations and individuals who are shaping a stronger, more resilient and more customer-focused insurance landscape.
The Awards exist to highlight achievement across broking, underwriting, claims, life insurance, general insurance, insurtech, service provision and leadership: areas fundamental to maintaining the sector’s integrity and supporting New Zealand communities. Finalists undergo a rigorous judging process, independently audited, ensuring that recognition reflects genuine impact and measurable advancement. This framework reinforces trust at a time when the industry faces heightened expectations, complex risk environments and accelerating regulatory and climate-related pressures.
ANZIIF CEO Katrina Shanks emphasised the significance of the event for the wider sector: “Your presence tonight is a testament to the collective strength and unity of our industry. We gather not only to recognise exceptional achievement, but to reaffirm our unwavering commitment to the customers and communities we serve. Our industry stands as a pillar of trust and resilience; always ready to support our customers through times of uncertainty and change. To all our finalists, congratulations. Your efforts elevate our profession and reinforce the trust that communities place in us.”
Across every category, this year’s winners demonstrated a dedication to technical excellence, service quality, innovation and community impact. Their achievements show how the industry continues to evolve, embracing digital capability, prioritising customer outcomes, and investing in future skills. The Awards also highlighted the importance of diversity, inclusion and emerging talent as drivers of long-term industry capability.
These outcomes demonstrate why the Awards matter: they encourage continuous improvement, showcase best practice, and reinforce the value of collaboration across the industry’s many disciplines. The Awards also help articulate the industry’s role in public confidence, ensuring insurance remains accessible, understood and effective in supporting New Zealanders through uncertainty, adaptation and growth.
2025 ANZIIF New Zealand Insurance Industry Awards winners
• General Insurance Company of the Year
- AA Insurance
• Small to Medium Broking Company of the Year
- Blanket Advice
• Large Broking Company of the Year
- Marsh New Zealand
• Broker Network of the Year
- Insurance Advisernet New Zealand
• Underwriting Agency of the Year - Delta Insurance
• Claims Team of the Year - AMI Insurance
• Life Insurance Company of the Year - Partners Life
• Insurtech Start-Up of the Year - Folio
• Professional Services Firm of the Year - McLarens
• Service Provider to the Insurance Industry - IVAA Claims
• Excellence in Workplace Diversity, Equity and Inclusion
- AA Insurance
• Young Insurance Professional of the Year - James Fleet
• Insurance Leader of the Year - Jimmy Higgins
Acknowledgement of Sponsors
to
organisations
ANZIIF extends sincere thanks
the
whose support makes the Awards possible. Platinum sponsors: Manheim, McLarens, NZI, NZUAC, Partners Life, Vero. Gold: QBE. Silver: Finity, Johns Lyng Group NZ, Restore-it, Sedgwick. Welcome Drinks: Europ Assistance. Their commitment helps uphold professional standards and fosters a stronger, more future-focused insurance sector.
Steering resilience A local
government perspective
ArecentSuncorp-hosted seminar titled Unpacking the National Adaptation Framework aimed to facilitate conversations among insurers, government, businesses and communities about managing the growing risks from climate-related natural hazards.
Climate Change Minister Hon Simon Watts was one of the keynote speakers, and his clear message was that everyone should expect that the way the Government responds after the next extreme weather event will look different to the way it has in the past.
As Auckland continues to grapple with the tail end of the impacts of the 2023 Auckland Anniversary weekend storms, IBANZ took the opportunity to sit down with Auckland City Councillor Richard Hills, who is at the forefront of how councils, governments, and communities are re-thinking climate resilience.
As the focus increasingly shifts to how we avoid repeating the cycle of council and government bailouts, Cr Hills shared his reflections on the principles of the Government’s Natural Adaptation Framework, which combines a National Flood Map with data-driven strategy and an emphasis on transparency and education.
The pillars of the Government’s National Adaptation Framework
The National Adaptation Framework is built on four key pillars:
1. Risk and response information sharing
2. Roles and responsibilities
3. Invest in risk reduction
4. Cost-sharing pre- and post-event
Each of these pillars finds resonance in Cr Hills, offering a blueprint for Auckland’s evolving approach to climate adaptation.
Data: The backbone of resilience
Flood maps aligned with Auckland’s recent events have revealed a sobering truth: the data was available, but there was little awareness of it. Cr Hills acknowledges there is an adjustment period to go through as homeowners come to terms with new and sometimes confronting information about the possible vulnerability of their site. He says that while the information can be a bit jarring at first, it’s essential for longterm resilience.
“The public often only seeks clarity after disaster strikes, yet councils have long held data that could have informed better decisions”.
Cr Hills emphasises the need for data to be easily accessible and transparent. This aligns with the National Framework, which uses robust data and information. Cr Hills believes that making hazard maps and risk assessments publicly digestible is no longer optional; it’s a civic necessity.
Education and empowerment
Education is also critical. The shift from reactive bailouts to proactive mitigation requires a public that is well-informed.
“We need to increase people’s understanding of what is required, and ensure we can focus on communities that are most vulnerable,” he says.
Empowering communities means not only informing them of risks but equipping them with the tools to act, whether through insurance literacy or accessing advice from brokers and banks. This is the essence of the Framework’s first pillar.
Governance and tough conversations
Cr Hills calls for leadership that is willing to make tough calls when needed. That can mean limiting development in vulnerable areas.
“It’s not about stopping growth but steering it into the right places and ensuring we don’t build in risky places.”
This means councils must lead with clarity and courage, setting boundaries that prioritise safety over short-term gains and mitigation where possible to strengthen communities.
Affordability and risk-informed investment
One of the most pressing issues ahead is affordability and access to insurance. As infrastructure expands to protect homes, who pays? Cr Hills suggests models where new developments contribute to future mitigation costs, or where broader community investment is triggered by infrastructure upgrades.
“As the Government has pointed out, it is not sustainable to have a long-term model where government or council bail out impacted residents, but there does need to be a transition phase for currently affected communities, leaving large numbers of people unhoused or stranded comes with huge social costs,” he warns.
This reflects the Framework’s fourth pillar; cost-sharing pre- and post-event. Spending must shift from recovery to resilience, from patching damage to preventing it.
A shift in responsibility
Ultimately, Cr Hills points to a cultural shift: responsibility is moving from institutions to individuals. With that shift comes the need for accessible information, trusted advice, and a shared understanding of risk.
We need to increase people’s understanding of what is required, and ensure we can focus on communities that are most vulnerable.
“Education and data are critical to empower people and communities to make good insurance decisions,” he concludes.
The path forward
The journey toward climate resilience is not about retreat but about recalibration, and that has to start with informed decision-making. As we embrace the National Adaptation Framework, one of the most critical tools for residents is going to be access to quality insurance broker advice. Navigating risk, coverage and affordability increasingly requires expert guidance, especially as responsibility shifts from government to individuals. Brokers have a critical role to play in ensuring every homeowner, developer, and policymaker understands their exposure and has the support required to make sound insurance choices.
Auckland City Councillor Richard Hills
Auckland City Councillor Richard Hills
NZ insurance market steadies as premiums level off Insurers report stabilising rates and evolving risk management trends
The New Zealand insurance sector is undergoing a period of transition, with recent analysis from Rothbury Insurance Brokers indicating that the market is moving away from the pronounced premium hikes seen in previous years.
This development, described within the industry as entering a “soft phase”, is associated with more moderate pricing, increased flexibility from insurers, and broader policy options for clients.
While the pace and extent of these changes differ by provider and region, the general trend points to a flattening of premium rates, and in some cases, reductions, particularly benefiting homeowners who have previously experienced significant increases.
The move toward steadier market conditions is attributed to several converging factors. These include a sustained period of lower claims, improved financial outcomes for insurers, and revised risk pricing strategies among global reinsurers. However, the report notes that this stability does not mean uniformity across the board. Ongoing challenges such as rising repair costs and changing weather-related risks continue to influence how insurers assess and price individual properties.
Premium trends and regulatory impacts
Jimmy Higgins, chief executive at Suncorp New Zealand,
commented on the current environment. “The market has stabilised, and future premium rises are likely to track more closely with general inflation, rather than the steep surges seen in recent years,” he said.
The motor insurance segment is also experiencing a moderation in pricing, attributed to fewer claims and improvements in supply chain operations.
Insurers are increasingly using individual risk factors – such as driving history, vehicle type, and location – to determine premiums, rather than applying uniform increases.
It is important to note that government-imposed levies remain a significant component of overall insurance costs.
The upcoming adjustment to the Fire and Emergency New Zealand (FENZ) levy, expected in 2026, may counteract some of the benefits from the current softening in premium rates, as these charges are added on top of the insurance premium.
Insurer capacity and risk appetite
The report highlights an increase in the availability of home insurance across the country, as insurers recover from the financial effects of major weather events in 2023, including Cyclone Gabrielle and the North Island floods.
The cost of reinsurance has stabilised following earlier spikes, and insurers such as IAG and Suncorp have reported
improved financial performance, drawing additional investment and fostering greater competition in the market.
Nevertheless, insurers remain cautious in areas assessed as high risk, such as earthquake-prone parts of Wellington and flood-prone regions like South Dunedin.
In these locations, policies may exclude certain perils or require higher excesses, reflecting a broader industry trend toward pricing based on the specific risk profile of each property.
Ongoing and emerging risks
Despite the overall market stabilisation, a range of evolving risks continues to shape insurance offerings and pricing.
The frequency of extreme weather events – such as floods, storms, and tornadoes – has increased, prompting insurers to reassess risk, particularly in vulnerable regions. As a result, some policyholders may encounter higher premiums or exclusions for certain hazards, even as the broader market softens.
Technological developments in vehicles, including the integration of advanced sensors and driver-assistance systems, are making repairs more complex and costly.
While supply chain issues have eased, elevated prices for building materials and ongoing labour shortages continue to influence insurance costs and policy excesses.
Recommendations for insurance professionals and clients
Rothbury Insurance Brokers advises regular policy reviews to ensure coverage remains aligned with current risks and property values.
Homeowners are encouraged to verify that their sum insured reflects up-to-date rebuild costs, review policy exclusions – especially those related to natural disasters – and stay informed about changes in local zoning or flood mapping. Steps to improve property resilience, such as installing flood barriers or maintaining roofing, may also support continued insurance eligibility.
For commercial clients, the current market presents opportunities to revisit coverage, negotiate terms, and potentially achieve cost savings. However, businesses with higher claims or weaker risk management may not experience the same benefits.
Rothbury recommends that companies work closely with their brokers to evaluate coverage options, balance cost savings with adequate protection, and address emerging risks such as cyber threats, artificial intelligence exposures, and climate-related events.
Regularly updating insured values and reviewing excess levels are also advised to maintain effective protection in a changing environment.
Aon unveils AI claims platform
Aon
plc has announced the launch of Aon Claims Copilot, an artificial intelligence platform that combines the firm’s Broker Copilot and risk analysis tools for claims resolution and analytics.
The global broking giant said the platform integrates AI-driven capabilities with its existing claims advocacy services. The technology, it claims, offers global consistency, data-led performance evaluation, and tailored insights for claim outcomes.
“Aon Claims Copilot represents a major step forward in Aon’s commitment to deliver better information, advice, and solutions to clients through technology,” said Joe Raiser, CEO of commercial risk at Aon. “It empowers our professionals to turn insight into action, helping clients achieve faster claims resolutions, maximise recoveries, and make better-informed risk decisions.”
The platform will debut in Germany in November 2025, followed by deployment across the rest of the world throughout 2026 and 2027. Aon Claims Copilot will serve the firm’s 1,800 claims professionals operating in more than 50 countries, delivering advocacy and technical expertise across over 20 product lines. The platform includes analysers and benchmarking tools that measure claims handling, portfolio performance, and carrier responsibilities, and provides carrier performance evaluation through data-driven feedback on claim closure efficiency and outcomes. A client portal allows secure tracking of claim progress and status.
“Expert advocacy combined with AI-driven analytics gives our clients superior visibility and control over their claims,” said Mona Barnes, global chief claims officer for commercial risk at Aon. “Aon Claims Copilot empowers our teams, simplifying our approach and maximising claim payouts. It also creates a powerful feedback loop with our brokers, ensuring we place business with carriers that consistently deliver the best results.”
The platform also equips professionals with tools to prepare and present claims. The launch follows the company’s recent technology releases, including the AI-powered Aon Broker Copilot and Risk Analysers.
Market context: AI initiatives across the insurance and broking sector
Aon’s investment in AI-powered claims solutions reflects a broader trend among global insurers and brokerages, as the industry accelerates digital transformation and leverages artificial intelligence to enhance efficiency, accuracy, and client experience.
Marsh McLennan
Marsh has developed 'Marsh Digital Labs' and 'Marsh McLennan Advantage' platforms, using AI and analytics for claims triage, risk modelling, and cyber risk assessment. Its 'Blue[i] Claims' solution uses AI to streamline claims intake, automate document processing, and provide predictive analytics for claims outcomes. Marsh also leverages analytics for fraud detection and reserve accuracy, and offers clients real-time dashboards for claims status and performance.
Willis Towers Watson (WTW)
WTW’s 'Radar' and 'Radar Live' platforms use AI and machine learning for pricing, risk assessment, and claims analytics. The company also offers 'Claims Metrics', which benchmarks
Joe Raiser, CEO of commercial risk at Aon
claims performance using AI-driven data analysis. WTW’s leadership notes that while underwriting and pricing have led digital transformation, claims is now seen as an area with significant untapped value, with AI promising double-digit improvements in loss ratios if effectively adopted.
Zurich Insurance
Zurich uses AI-powered chatbots and automation for claims intake and customer service. Its 'Indicative Quote' tool leverages APIs and data integration to deliver real-time insurance estimates with minimal manual input, reducing the number of questions for home insurance quotes from 19 to 3 and cutting quote time by 30%. This approach has increased quote-to-sale conversion rates by 60%.
Allianz
Allianz has implemented AI in its claims management process, using machine learning to automate claims triage, detect fraud, and improve settlement speed. The company’s 'Allianz Claims Hub' provides digital claims tracking and analytics for both clients and brokers. In Australia, Allianz’s 'Indicative Quote' system streamlines quoting and policy completion, integrating with partner systems for seamless customer journeys.
QBE Insurance
QBE’s 'QBE Digital Claims' platform uses AI for claims lodgement, status updates, and document management, aiming to reduce turnaround times and improve customer satisfaction. QBE also invests in predictive analytics for risk assessment and fraud detection.
Chubb
Chubb has invested in AI to automate claims intake, enhance fraud detection, and deliver real-time analytics to
Aon Claims Copilot represents a major step forward in Aon’s commitment to deliver better information, advice, and solutions to clients through technology.
Joe Raiser, Aon CEO of commercial risk
clients and brokers. The company’s digital platforms support self-service claims and integrate with broker workflows.
Sedgwick
Sedgwick’s 'Darwin' claims management system is a digital, cloud-based platform that incorporates AI and robotics to automate claims registration, triage, and reporting. The system allows clients to access claims files and self-service reports, improving transparency and reducing manual work.
Industry trends and future outlook
Across the insurance sector, AI initiatives are increasingly focused on:
• Automating manual processes: Reducing data entry, accelerating claims triage, and streamlining policy administration.
• Enhancing customer experience: Providing realtime status updates, self-service portals, and personalized recommendations.
• Improving risk and fraud analytics: Leveraging predictive models to assess risk, forecast claims, and detect anomalies.
• Driving compliance and transparency: Offering realtime dashboards, audit trails, and regulatory reporting.
• Supporting brokers and agents: Delivering AI-powered tools for policy comparison, client communications, and workflow automation.
While underwriting and pricing have historically led digital transformation, claims is now recognised as an area with significant potential for value creation. The most successful initiatives combine advanced technology with deep insurance expertise and a focus on user adoption and workflow integration.
Artificial Intelligence and Insurance
Generative Artificial Intelligence (AI) tools can power up a business, but there are watch-outs as attendees of an IBANZ webinar on the topic learned recently.
One of the first things to understand is the difference between AI and generative AI. AI is a broad field encompassing a range of technologies where machines perform tasks that typically require human intelligence. Generative AI is a specific type of AI that focuses on creating new content, such as text or images. All generative AI is AI, but not all AI is generative. Putting AI tools to work
The most common ways businesses are using AI tools are to automate common tasks. Generally, this means taking content from one form and translating it into another form. That could be anything from data analysis to streamlining client reporting and producing reports. Adoption is very widespread. Even if a business has not yet formally adopted AI tools, it should assume staff are already using them.
The benefit of AI is that it can free up staff from mundane and repetitive tasks to higher-value strategic work. However, sometimes it’s when doing those everyday tasks that employees will spot that something is amiss. Compare that with an AI tool that lacks human intuition and doesn’t necessarily know what to look for.
Accuracy, reliability and legal risks
One of the realities of generative AI is that when it makes mistakes, it makes them more confidently than we do. Outputs might appear accurate, but they can include convincing errors known as hallucinations. This reflects that AI wants to give an answer, and often isn’t well-trained at telling you it doesn’t know the answer.
Imagine these scenarios:
• An executive needs to write something for a professional publication but is up against a deadline, so they ask an AI tool to do a first draft. It might look great, but how do they know whether the piece infringes on existing rights or ownership? Imagine if the content was actually just pulled from a competitor’s website and the executive offers it up as their own.
• A junior member of staff is helping pull together a strategic plan for their employer and wants the language to be more professional, so they copy and paste it into an AI tool. The result is great, but the unintended consequence is that your business's confidential information now forms part of the AI tool’s knowledge base and is potentially available to anyone – including your competitors.
• A consultant has a question about the regulations or standards governing an industry sector that’s unfamiliar to them and asks an AI tool for the answer. The problem here is that AI tools all rely on different sets of data, and you can’t be sure the tool you’re using has access to the latest version of the relevant standard or regulation. AI tools are always eager to help and will confidently rely on the most recent version they have access to, but that could mean the answer is out of date.
Policy implications
An assessment of AI usage needs to form part of coverage reviews. A standard business description question is a great place to start. Have the client clearly explain what
the business does and what the people in the business do. If they say they’re not using AI, it’s a sign to dig deeper – they probably don’t realise the extent to which their staff already rely on these tools. The bottom line is that clients have a duty to disclose AI use to insurers to ensure accurate risk assessment and proper coverage.
Claim implications
Cover for cyber and technology risks is likely to be harder to get and become more expensive over time. Expect insurers to start asking more detailed questions about how AI is being used. And when it comes to a claims situation where AI is involved, if the client can’t show that it was reasonable to rely on that AI, then the claim could be denied. Further, some AI tools provide cheap and effective means to carry out fraudulent attacks.
Here are a couple of examples of how a client might come unstuck.
Failing to stay in their lane – the ease of using AI tools means insureds may take on risks they wouldn’t have otherwise. For example, there’s a relatively low level of risk when an experienced builder uses AI to sense-check something they already know and can independently double-check the answer. Compare this with a junior tradie who is using it to find an answer that they cannot sense-check. If something goes wrong, the assessment of carelessness involved might be quite different for the experienced builder than for the junior. There are also advantages in spreading the risk. There are times when the experienced builder should call the engineer, not because they don’t know the answer, but because they are then able to rely on that person’s duty of care, effectively using them as an additional layer of insurance. Sometimes, there can be good reasons to resist the appeal of AI and just call an expert. AI cannot trust your gut.
DIY legal documents – using AI to write legal documents can be a slippery slope. If you ask ChatGPT to draft a legal contract, it will produce something that might superficially look good but may well create headaches for a business when it needs to rely on the document down the track. AI will always try to be helpful and will produce something that looks convincing but is not necessarily correct.
Helping clients to be AI savvy
Brokers have an important role to play in helping clients understand the insurance implications of AI.
A good place to start is to encourage businesses to have governance policies in place covering the use of AI, including the selection of appropriate tools, how they’ll be used and how responsible use will be monitored.
The next step is staff training, making sure employees understand the limitations of AI, possible risks, and ethical challenges. Regulatory and ethical compliance are good examples of areas that can’t necessarily be outsourced to AI. A robust staff training programme will help satisfy insurers that all reasonable steps have been taken in the event of a claim.
Remind clients of the importance of staying in their lane. While AI represents an opportunity for entrepreneurship and to free up resources, beware of situations where it actually changes the nature of the business and leaves it operating outside its cover.
Brokers have an important role to play in continuing to update their knowledge in this fast-evolving area so that they can work collaboratively with clients to manage AI risk and secure appropriate insurance coverage for their needs.
Australia and New Zealand trail in ransomware recovery speed
Insurance and risk professionals in Australia and New Zealand are reporting high levels of confidence in their organisations’ ability to withstand ransomware attacks, yet recent industry research indicates a significant gap between these perceptions and actual recovery performance.
According to CrowdStrike’s State of Ransomware Survey, more than half of surveyed organisations in the region believed they were “very prepared” prior to their most recent ransomware incident, ranking them among the most confident globally. However, this sense of readiness did not translate into rapid recovery. Only 9% of organisations in Australia and New Zealand were able to restore operations within 24 hours of an attack, a rate that falls behind other major markets such as the UK, where 35% achieved this benchmark.
The region was also identified as the third most targeted globally, with 78% of respondents experiencing at least one ransomware attack in the past year.
Sector analysis shows preparedness does not guarantee rapid recovery
Sector-specific figures reveal similar patterns. In the public sector, 60% of respondents felt highly prepared, but only 12% managed to recover within a day. In manufacturing, the same proportion expressed confidence, yet only 12% achieved swift remediation.
Healthcare and financial services organisations reported 23% and 38% rapid recovery rates, respectively, despite over half in each sector indicating strong preparedness.
Nature of attacks and the role of artificial intelligence
The survey highlighted that nearly half of ransomware incidents in Australia and New Zealand aimed to access additional systems, while 40% involved direct encryption
Elia Zaitsev, chief technology officer at CrowdStrike
or locking of data. The increasing sophistication of these attacks is partly attributed to the use of artificial intelligence by threat actors.
Globally, 87% of IT leaders observed that AI-driven social engineering is more convincing and difficult to detect than traditional methods.
In Australia and New Zealand, nearly half of respondents strongly agreed with this assessment. The report also found that 76% of global IT leaders believe that staying fully prepared is becoming more challenging as attackers leverage AI to accelerate their operations.
Elia Zaitsev, chief technology officer at CrowdStrike, commented that cybercriminals are leveraging artificial intelligence to speed up all phases of their attacks, from creating malware to executing social engineering schemes.
“The 2025 State of Ransomware Survey reinforces that legacy defences can’t match the speed or sophistication of AI-driven attacks. Time is the currency of modern cyber defence – and in today’s AI-driven threat landscape, every second counts,” Zaitsev said, as reported by Security Brief.
Financial consequences and ongoing risks
The financial impact of ransomware incidents remains substantial. The average global cost of downtime per incident is estimated at US$1.7 million.
In Australia, public sector organisations reported average downtime costs of US$2.5 million, while healthcare and financial services reported US$1.5 million and US$1.3 million, respectively. Paying a ransom does not guarantee data security or prevent repeat incidents. The survey found that 93% of organisations globally that paid a ransom suspected their data was still exfiltrated, and 83% were targeted again.
Leadership perceptions and investment in modern defences
A disconnect also persists between organisational leadership and operational teams regarding cyber readiness.
Three-quarters of respondents reported a gap between leadership confidence and actual response capabilities.
The findings suggest a need for greater board-level engagement and investment in advanced security measures, particularly those leveraging AI. Nearly 90% of respondents identified AI-powered solutions as critical to closing the gap between attackers and defenders.
Data protection shapes Australia and New Zealand's cyber strategies
Organisations in Australia and New Zealand are prioritising data protection, privacy, and regulatory compliance in their cybersecurity strategies.
A recent study shows that 45% of leaders in the region identified these areas as their top security concerns for the coming year, a focus that differs from global trends where AI adoption is the main driver of cybersecurity strategy.
The region also reported the highest rate of cyber incidents worldwide, with 85% of organisations experiencing at least one attack in the past year, compared to a global average of 76%. Local businesses were also more likely to experience significant breaches.
Ransomware payments and negotiation practices
Finally, ransomware payments are more common in Australia and New Zealand than in other regions. Nearly three-quarters of affected firms admitted to paying ransoms to prevent the exposure of stolen data.
Of these, 91% worked with external negotiators, but less than half saw any reduction in the demanded amounts.
IAG New Zealand unveils new Te Ao Māori visual identity
IAGNew Zealand has unveiled toi Māori (a new Māori artwork) as part of its visual identity, embracing Te Ao Māori (the Māori worldview) and marking an important step in its cultural journey.
The artwork, Ruaitewānanga, was created by artist Randal Leach (Ngāti Porou, Ngāti Konohi), and represents five guiding principles which also underpin IAG New Zealand’s Māori strategy, He Rautaki Māori.
IAG New Zealand Māori Engagement Manager, Lavinia Taylor, says the artwork is a powerful expression of the organisation’s meaningful evolution, honouring the kaupapa (cause) of its strategy in a visible way.
“Ruaitewānanga is a visual reflection of the values that foster our culture at IAG. It reflects our collective journey and deepening understanding of Te Ao Māori, and it will help guide us as we continue to build our culture of inclusion, respect and belonging.”
The unveiling of the artwork took place before dawn with a karakia (blessing) led by descendants of Ngāti Whātua Ōrākei. This was followed by a pōwhiri (welcome ceremony) and an educational session at IAG’s Fanshawe Street office in Tāmaki Makaurau Auckland.
“Kaimahi gathered to learn about the significance of the artwork and its connection to He Rautaki Māori. Together, we sang IAG’s very own waiata composed by Matua Tapeta of Te Wehi Haka and shared in a hākari feast, celebrating the kaupapa and its meaning.”
The five guiding principles represented in Ruaitewānanga are all interconnected and layered in the following order:
• Te Pae Tawhiti – intergenerational thinking.
• Whanaungatanga – kinship.
• Manaakitanga – reciprocity.
• Kaitiakitanga – guardianship.
• Rangatiratanga – leadership.
“Our new visual identity is a reflection of IAG’s commitment to honouring Te Tiriti o Waitangi and embedding tikanga Māori intent and values into our culture,” says Lavinia.
SME confidence holds steady
-
what
it means for insurers and brokers
Smalland medium-sized enterprises (SMEs) in
New Zealand are maintaining a strong sense of confidence in their own operations, even as broader economic sentiment remains subdued, according to new research from Prospa NZ. For insurance professionals, these findings signal both opportunities and challenges in supporting the evolving risk and protection needs of the SME sector.
The SME Sentiment Tracker Report, based on a survey of 500 business decision-makers conducted in late 2025, indicates that 92% of SMEs feel either very or somewhat confident about their business prospects over the next year, a notable increase from earlier in 2024. Confidence in the five-year outlook has also grown, with 91% of respondents expressing optimism, up from 85% previously.
Adrienne Begbie, managing director of Prospa NZ, said the economy has faced persistent challenges over the past five years, and many are still anticipating a turnaround. However, a significant number of New Zealand’s SMEs have grown weary of simply waiting for change. “They know the economic challenges are real, but their optimism hasn’t disappeared. Instead, they’re more confident than ever in their own ability to tough it out and succeed. They’ve accepted the new normal and are being pragmatic by focusing on what they can control,” Begbie said.
Profit expectations, operational challenges, and insurance implications
While business owners are backing their own ability to adapt, expectations for profitability have become more cautious. The report shows that 72% of SMEs anticipate profits will either increase or remain unchanged, but 26% now expect profits to fall, up from 15% a year earlier. The proportion of SMEs
rating their business health as “good” has also declined, from 62% in October 2024 to 55% in the latest survey.
For insurers and brokers, these shifting expectations highlight the importance of flexible coverage options and proactive risk management advice. As SMEs face tighter margins, there may be increased scrutiny of insurance costs, policy terms, and the value delivered by risk transfer solutions.
Sentiment about the wider economy is less optimistic. Only 45% of respondents expect market conditions to improve in the coming year, while 27% believe there will be no improvement, up from 19% in April. Rising operating costs are the most frequently cited challenge, affecting 51% of SMEs, followed by concerns about revenue and demand (36%), the general economic environment (20%), and workforce issues (11%).
One business owner said, “Rising operational costs affecting profit margins in New Zealand is the biggest challenge facing my business.” Staffing and recruitment remain the largest expense for 17% of SMEs, with government payments and taxes (14%) and utilities and telecommunications (7%) also being significant cost factors.
Financial stability and risk landscape: Key considerations for insurers
These concerns among SMEs reflect broader economic risks identified at the national level. The Reserve Bank of New Zealand (RBNZ) has highlighted ongoing risks to financial stability, citing both international and domestic pressures. In the central bank’s recent Financial Stability Report, Governor Christian Hawkesby said, “Financial stability risks remain higher than in recent years,” referencing global market volatility, high equity valuations, and increased government debt as ongoing concerns. New Zealand’s open economy remains sensitive to
global shifts, and some sectors, such as retail and hospitality, are experiencing weaker performance.
For insurance professionals, this context underscores the need to regularly review clients’ risk profiles and ensure adequate coverage for business interruption, liability, and emerging risks. Economic headwinds may also drive increased claims activity or changes in coverage demand, especially in sectors under pressure.
SMEs respond with operational changes - and insurance needs evolve
The research suggests that SMEs are not waiting for external conditions to improve but are instead taking proactive steps to adapt. 34% of respondents plan to adjust pricing, 31% are looking to diversify their offerings, another 31% intend to invest in marketing, and 28% expect to hire additional staff. These figures represent substantial increases compared to earlier in the year, indicating a shift toward more active business management.
Cash flow remains a complex issue, with some improvement noted across the sector. As one respondent explained, “Managing cash flow effectively while ensuring timely payment and operational stability remains challenging.” The share of SMEs with cash reserves covering four to six months of expenses has risen to 26%, while those with more than 10 months’ reserves now make up 18%. However, 28% of SMEs have only one to three months’ reserves, and 17% have less than a month’s buffer.
For insurers and brokers, these operational changes may impact risk exposures and insurance purchasing behaviour. Businesses investing in growth, new staff, or diversification may require updated coverage, while those with tighter cash
flow may seek more flexible payment options or tailored advice on risk mitigation.
Access to finance and the role of insurance
Access to finance is also a focus for many SMEs, with one in three planning to seek external funding in the next year. Trust in non-traditional lenders has increased, with 26% now considering alternative finance options, up from 17% in April.
For insurance professionals, this trend may present opportunities to partner with lenders or offer value-added services, such as credit insurance or business interruption cover, that support SMEs’ financial resilience.
Adaptability and resilience: A call to action for the insurance sector
Begbie said New Zealand’s small businesses have long been recognised for their independent approach, and this period has highlighted that trait. “Owners aren’t waiting anymore for the perfect conditions. They’re backing their own judgment and finding their own way to keep growing. Businesses have accepted that these are the conditions they must operate in and they’re getting on with it,” she said.
She added that adaptability is now a key priority for many SMEs, regardless of changes in interest rates or government intervention. “The focus now is on staying flexible, regardless of whether interest rates ease the burden or the government steps in. That’s why we’re seeing business owners actively investing in things that will keep their business moving, like marketing or growing their team,” Begbie said.
SMEs are proactively managing their own destiny, and insurance solutions must keep pace - offering flexibility, support, and expertise to help businesses thrive in an uncertain environment.
PI cover under broker spotlight in New Zealand
Professional indemnity (PI) insurance remains an essential form of protection for consultants, advisers, and small businesses in New Zealand.
Marsh has advised that while most professionals recognise its importance, policy wording and structure often create uncertainty about whether cover is adequate.
Brokers urged to review service descriptions and policy wording
A priority area is ensuring that the services listed in a policy are a true reflection of what the business provides.
Marsh noted that an inaccurate description can leave gaps in cover, and suggested that brokers verify the scope of services with clients before policies are finalised.
Claims mitigation features may add protection
Beyond financial support in the event of a claim, some PI policies provide benefits that help reduce the impact of potential incidents.
These can include funding for legal advice, media management, or other early-intervention measures that may prevent disputes from escalating.
Marsh recommended that brokers check whether such features are available and relevant to the client’s profession.
Defence costs and liability limits require attention
The way defence costs are treated can significantly affect overall protection.
Marsh pointed to policies with “costs-in-addition” limits, where defence costs are paid outside the sum insured, preserving the full limit for any settlement.
Policies with “costs-exclusive retention” may also benefit businesses by having insurers cover legal expenses immediately, with the retention only applying if a claim is paid.
Ongoing broker advice and contract obligations
Marsh also underlined the importance of ongoing broker support.
Clients may be asked to prove their PI cover or sign contracts with specific insurance requirements.
Seeking broker input before signing can help identify whether a contract creates obligations that exceed the policy in place.
Run-off and retroactive cover remain important
Professionals winding down their business may require run-off cover to protect against claims arising from past work.
Similarly, retroactive cover – particularly policies with an unlimited retroactive date
– can extend protection to earlier services, although this may not be available to those with a poor claims history.
Marsh advised brokers to ensure clients understand how these provisions operate, noting that the terms and scope of cover can vary considerably between policies.
Marsh issues guidance for Kiwi trades on tool security Marsh has also issued guidance for New Zealand tradespeople and contractors aimed at reducing tool theft and improving insurance outcomes.
The firm advised that theft continues to pose a significant challenge for tradies, with losses affecting both productivity and insurance claims.
Recommended measures include securing tools in reinforced boxes or cabinets, using locks resistant to bolt cutters, and fitting work vehicles with alarm systems.
Adding sensors to detect forced entry or tampering can provide
Asset tracking and identification encouraged
To assist in recovery and to support claim evidence, Marsh suggests engraving tools with a business name or phone number and maintaining a full inventory of assets, including receipts and photographs.
For higher-value equipment, GPS trackers can provide real-time location data and make stolen goods harder to resell.
Insurance considerations for trades businesses
Marsh noted that personal contents policies do not extend to work tools, and advised trades businesses to consider specialised cover that can be tailored to equipment age, portability, and replacement terms. Some policies allow for new-for-old replacement or specific limits for
Brokers are encouraged to help clients understand exclusions, which may include theft from unsecured vehicles, employee theft, material defects, or
Marsh recommended that businesses uncertain about their cover consult with a broker who specialises in trades, as policy adjustments can often be
FMA outlines priorities and legislative developments
Samantha Barrass FMA chief executive
The Financial Markets Authority (FMA) – Te Mana Tātai
Hokohoko – has released its annual report for the financial year ending June 30, 2025. The report details the FMA’s evolving strategy and enforcement activities, which are expected to have direct implications for insurers’ compliance responsibilities and operational processes.
The FMA’s annual report, tabled in Parliament, sets out the regulator’s strategic objectives for the year, including a shift toward outcomes-focused and intelligence-led regulation, as well as efforts to deter unregulated activities and prevent misleading practices. Core functions such as licensing, monitoring, investigation, enforcement, and policy development remain central to the FMA’s mandate.
FMA chief executive Samantha Barrass said, “This year has seen tangible differences made in the pursuit of our statutory purpose of promoting and facilitating the development of fair, efficient, and transparent financial markets.”
The report highlights several initiatives relevant to insurers. Among these is the implementation of the Conduct of Financial Institutions (CoFI) legislation, which brings day-today conduct regulation to insurance providers. Beginning March 31, financial institutions in New Zealand are required to comply with the CoFI regime. This regulatory framework mandates that each institution establish a documented fair conduct programme. The purpose of these programmes is to
ensure customers receive consistent treatment at every stage of their relationship with the institution, covering areas such as onboarding, claims processing, and handling complaints.
Additional activities included working with the Ministry of Business, Innovation and Employment (MBIE) on capital markets reform and scam prevention, as well as granting exemptions to reduce unnecessary regulatory burdens. The FMA also made preparations for the Contracts of Insurance Act 2024, which updates the legal framework for insurance contracts in New Zealand.
Financial performance and operational focus
Barrass noted that the FMA’s enforcement actions demonstrate its ongoing focus on consumer outcomes. She also pointed to the authority’s efforts to improve financial discipline and prioritise resources. “The net deficit for this year is lower than budgeted, primarily due to higher-thanexpected revenue and lower overall operating expenditure. We have achieved or substantially achieved nine out of 12 SPEs. Our targets and our performance were raised, so in some cases we did not meet our targets despite improved performance. Where we have not achieved our targets, we will focus on continuing to lift our results,” Barrass said.
Industry feedback and engagement
In addition to the annual report, the FMA released its 2025
Ease of Doing Business (EODB) survey, which gauges industry sentiment and stakeholder experiences. The survey is part of the FMA’s ongoing performance measurement and is used to inform its regulatory approach. For insurers, the survey results can signal potential changes in regulatory expectations or processes that may affect compliance obligations, operational procedures, and interactions with the FMA.
Barrass commented, “After a decline across a number of key indicators in last year’s 2024 EODB survey and a year of hard work and extensive industry engagement, we are pleased to see better results from this year’s survey. We are on track, and [we] aim to continue this momentum, reflecting on feedback received from the survey and from stakeholders throughout the year to further enhance our industry engagement.”
The 2025 survey results show improvements in several areas, including communications and engagement. The proportion of respondents who found FMA communication clear and effective increased from 63% in 2024 to 74% in 2025. The percentage of stakeholders who believe the FMA’s actions help raise market conduct standards rose to 82%, although this remains below the FMA’s target of 90%.
Survey responses also indicated a greater perception that the FMA is focused on outcomes that matter for consumers and markets, and that its regulatory approach is supportive
of industry. However, only 55% of respondents agreed that the FMA has streamlined systems and processes for licensed entities, up from 48% last year. The proportion of stakeholders who found it easy to do business with the FMA improved to 56%, compared to 53% in 2024.
Ongoing improvements and future direction
Barrass acknowledged areas for further improvement, particularly in systems and processes. “We are committed to improving and modernising our systems, to uplift performance and support new features,” she said. Planned initiatives include automating key processes, enhancing the FMA website with AI-powered search, and simplifying licensing for entities with multiple licenses.
The FMA also noted a decline in stakeholder confidence and perceptions of market integrity, with respondents divided between those seeking stronger enforcement and those favouring lighter regulation. The 2025 survey received 599 responses, representing a 25% response rate. Results were weighted to ensure they accurately reflect the stakeholder base.
The FMA said it will continue to use feedback from the survey and ongoing engagement to inform its regulatory approach and support the ongoing development of New Zealand’s financial and insurance sectors.
Insurance-led recovery efforts ramp up
October’s severe weather has generated about 6,000 claims
The spring storms that swept across New Zealand in October have left a trail of destruction, particularly in rural communities on the South Island. More than 3,300 claims have been lodged with major insurers, including IAG’s NZ brands AMI, State and NZI. Mutual insurer FMG - a major player in the rural space - has alone received more than 2,600 claims from its insureds. These losses, said a spokesperson, are expected to cost over $20 million. Meanwhile, brokers and insurers are continuing to work through claims and help with recovery work.
One focus area of these insurance losses is the North Canterbury area. Spring storms are not uncommon in this region and across the country, but insurers and other stakeholders say the severity of October’s weather was exceptional.
Focus of operations: North Canterbury
“The severe winds have caused widespread damage to rural properties, infrastructure and significantly disrupted farming operations,” said Jacqui McIntosh, head of claims strategic operations at FMG.
The claims pouring in have reflected the diversity of rural operations.
“We’ve seen irrigators twisted and destroyed,” she said. “Power outages have disrupted business - milk collection and
cooling have been disrupted, and there’s significant damage to local infrastructure like powerlines.”
McIntosh described the damage on rural properties as both extensive and varied, with claims for damaged roofs, farm buildings, homes, vehicles and fencing. Much of the damage was caused by the strong winds. “Damage is largely windrelated - broken windows, collapsed sheds, damaged fencing and destroyed irrigation systems,” she said.
Critical infrastructure damage: irrigation systems
One of the most serious issues for farmers, insurers and brokers is the destruction of irrigation systems, vital for farming operations, in North Canterbury and beyond.
“We know there are a number of irrigators damaged, mainly in North Canterbury,” said McIntosh. “We’re working with irrigation companies, such as WaterForce, who are flying in irrigator build crews from Australia, and they’ve placed orders with manufacturers already.”
However, even with insurance professionals doing what they can to make things happen as quickly as possible, McIntosh said getting this critical farming equipment back up and running can take some time.
For farming operations and their insurance partners, from brokers to mutuals like FMG, the coming weeks will involve careful navigation of the recovery process.
Vero releases second Climate-Related Disclosures Report
Vero Insurance, part of Suncorp New Zealand, has released its second Climate-Related Disclosures. The report highlights the insurance industry’s unique exposure to climate impacts and reinforces the urgent need for increased natural hazard resilience efforts and support for the recent National Adaptation Framework.
The report follows the official Aotearoa New Zealand Climate Standards (NZ CS 1-3) and demonstrates how Vero is addressing climate risks and opportunities, while working toward its own climate commitments.
"Our climate report highlights the impact of climate change on our communities and the insurance sector, reinforcing the urgent need for action," said Tom Hinds, Executive Officer, Suncorp.
"New Zealand’s ability to adapt is vital for everyone's success. This report details our progress in assessing climate risks and shares our plans to help build a more resilient future."
The insurance industry’s unique exposure
Vero's Climate Change Scenario Analysis (CSA) indicates that without significant mitigation efforts, climate-related physical risks, including floods, storms, and coastal inundation, are projected to increase significantly by 2050.
The analysis indicates that the financial losses from extreme weather events, measured as Average Annual Loss (AAL), is projected to increase by 19-26% by 2050. The main drivers of this increase are accelerating sea-level rise, leading to more frequent coastal inundation, and more intense surface water flooding, particularly impacting the South Island. Disproportionate impacts and affordability challenges Climate change won’t affect all properties equally.
The report found that a small number of properties carry a disproportionate amount of risk. Less than 1.5% of presentday insured coastal properties face all projected coastal inundation losses, while less than 2% of inland properties account for 30% of the projected flood-related losses.
“If left unaddressed, the rising risks will lead to increased costs for all insurers, including higher claims and reinsurance, which in turn may affect the cost and availability of insurance cover," says Hinds.
“Adaptation measures like improved hazard mitigation and increased investment in resilience will be essential strategies to help reduce the risk to these communities,” he adds.
Advocating for adaptation
Vero is taking proactive steps to manage its exposure and advocate for resilience at a national level. This includes investing significantly in core insurance capabilities, such as advanced flood models, new underwriting practices, and more granular risk pricing to better understand and manage complex climate risks.
Vero supports the government's new National Adaptation Framework and will continue to work alongside government, local councils, and the financial services sector to accelerate the implementation of resilient infrastructure investment and other climate adaptation priorities outlined in the Cabinet Paper.
“Our commitment is two-fold. First, to ensure the resilience of our business so we can continue to be there for our customers when they need us most. Second, to advocate for the investment and action needed to build a more climateresilient and safer Aotearoa New Zealand for all Kiwis,” says Hinds.
NZI acquires stake in Gallagher completes huge deal with AssuredPartners
NZI has acquired an ownership stake in Initio, a New Zealand-based Insurtech, with plans to leverage its proven digital platform and establish a broker dedicated NZI personal lines agency.
Garry Taylor, Executive General Manager NZI, says, “This marks a significant step forward in NZI’s digital transformation strategy. This investment allows us to bring together NZI’s underwriting expertise with Initio’s cutting-edge digital capability to deliver a compelling digital experience for brokers and their clients.”
Designed to simplify and enhance the way brokers serve their customers, the NZI agency will provide faster quoting, smarter pricing, and simpler claims handling. The platform will also feature client and broker dashboards with full policy and claims visibility, while enabling brokers to maintain oversight and add value where it matters most.
NZI currently underwrites Initio’s insurance program and sees this acquisition as an opportunity to harness its smart technology to deliver innovative, technology-driven solutions that meet the evolving needs of brokers and customers alike.
ArthurJ. Gallagher & Co. has completed its takeover of AssuredPartners, describing the deal as a merger of two entrepreneurial and client-focused cultures that will support expansion across multiple business lines and regions.
Chairman and chief executive J. Patrick Gallagher, Jr. said the integration of AssuredPartners will allow the combined company to apply its product and industry knowledge to insurance and risk management solutions.
“I am confident the combination will deliver tremendous value to our clients and our shareholders," said Gallagher, Jr.
AssuredPartners, based in the United States, operates in commercial property/casualty, specialty, employee benefits and personal lines. It serves commercial, public sector and individual customers through offices across the US, the UK and Ireland.
The company noted that the deal increases capabilities in practice groups such as transportation, energy, healthcare, government contractors and public entities. It also creates opportunities for its wholesale, reinsurance and claims management divisions, while adding scale, expertise and talent in the UK and Ireland.
Gallagher stated that the acquisition supports its tuckin M&A strategy and adds experienced insurance industry leaders to the organisation. In addition, the company said the transaction is financially attractive, with estimated doubledigit adjusted earnings per share accretion, including the impact of synergies.
The transaction was financed with net proceeds from earlier equity and debt financing transactions. In connection with the closing, the Board of Directors Compensation Committee approved US$316.15 million in equity awards payable in Gallagher common stock to 572 former AssuredPartners employees who joined Gallagher.
The equity awards were authorised under the employment inducement awards exemption of the New York Stock Exchange’s Listed Company Manual Rule 303A.08. A portion of the awards vests immediately, while the rest vest on the first, second, third and fifth anniversaries of the closing date. The awards will be subject to the terms of individual award agreements and valued based on Gallagher’s closing stock price on August 15, 2025.
Writing the book on bike insurance since 1979.
We didn’t just join the market; we built it. Forty years ago, we set the standard for protecting Kiwi riders, and we’ve been perfecting it ever since. When you call us, you’re not talking to a script-reader, you’re talking to the experts who wrote the book.
Financial stability risks remain elevated in New Zealand
Insurers adapt to increased claims and market uncertainty
TheReserve Bank of New Zealand (RBNZ) has highlighted that financial stability risks remain elevated, citing a combination of global and domestic factors that continue to influence the country’s financial system.
Governor Christian Hawkesby, in the latest Financial Stability Report, noted that ongoing disruptions in international trade and finance, along with uncertainty in global markets, are contributing to a heightened risk environment for New Zealand. “Financial stability risks remain higher than in recent years,” Hawkesby said, pointing to high valuations in global equity markets, particularly in the technology sector, and increasing government debt in advanced economies as vulnerabilities that could impact New Zealand.
As a small, open economy, New Zealand is susceptible to shifts in global economic activity and financial market volatility.
Sector performance and banking system outlook
Domestically, certain sectors, including retail and hospitality, are experiencing subdued performance, which is placing pressure on both households and businesses. While there has been an uptick in loan defaults, these remain below the levels observed during the Global Financial Crisis.
At the same time, some sectors such as agriculture are
benefiting from favourable commodity prices and lower interest rates. The banking sector, according to the RBNZ, is well-positioned to absorb shocks. “Strong lending standards, including loan-to-value limits, have helped to restrict the amount of high-risk lending in the system,” Hawkesby said.
Stress testing indicates that banks possess sufficient capital buffers to withstand a significant economic downturn and continue lending to support recovery.
The Reserve Bank is currently reviewing industry feedback on proposed capital requirements, with a decision anticipated in December.
The introduction of the Depositor Compensation Scheme in July has also led to changes in deposit patterns, as some non-bank deposit takers have seen increased inflows from customers seeking to maximise coverage.
Insurance sector trends: property, health and cyber risk
In the insurance market, property insurers have experienced a period of relatively low claims and have benefited from improved global reinsurance conditions. However, health insurers are facing rising claims costs, which have led to operating losses and higher premiums for policyholders as companies seek to restore profitability.
Hawkesby also addressed cyber and operational risks, referencing the Reserve Bank’s 2024 Cyber Capability survey.
“Regulated entities report they are generally aligned with our guidance on cyber resilience. However, there is room for improvement, with cyber and operational risks remaining focus areas of our supervisory work,” he said.
Reinsurance: a cornerstone of financial resilience
Reinsurance plays a vital role in New Zealand’s insurance sector, enabling insurers to manage large and infrequent risks by transferring them to global capital markets.
This mechanism is especially important for covering catastrophic events such as earthquakes and severe weather, which are significant exposures for the country.
The global reinsurance market is dominated by a small number of major firms, and most large New Zealand insurers access reinsurance through arrangements with their Australian parent companies.
The cost and availability of reinsurance are largely determined by international factors, including the frequency of major loss events and prevailing financial market conditions.
Recent years have seen a global increase in reinsurance pricing, although this trend has eased somewhat, helping to
moderate premium increases for New Zealand policyholders. Implications for insurance professionals
Insurance professionals are encouraged to closely monitor developments in reinsurance markets, as these can have direct implications for premium rates and coverage terms in New Zealand.
Enhanced risk modelling and data analytics are supporting a shift towards more risk-based pricing, particularly in property insurance, and insurers with robust risk assessment capabilities may be better positioned to negotiate favourable reinsurance terms.
The Natural Hazards Commission (NHC) continues to provide a stabilising influence by offering first-loss cover for residential properties and directly engaging with global reinsurers. This approach, in combination with private sector arrangements, helps to broaden reinsurance capacity and manage costs for New Zealanders.
Reinsurance remains a critical element in the country’s insurance framework, supporting the sector’s ability to absorb shocks and maintain financial stability. However, the influence of global market dynamics underscores the need for ongoing vigilance and adaptability among insurers and regulators alike.
Fire highlights migrant households insurance gaps
Industry urges awareness after uninsured families lose possessions
Arecent residential fire in Remuera has prompted the Insurance Council of New Zealand (ICNZ) to highlight a significant gap in insurance coverage among migrant households.
The incident, which occurred in the early morning hours of 30 October, resulted in the complete loss of personal belongings for an Indian family and their two flatmates.
According to RNZ’s report, none of the residents had contents insurance, leaving them to absorb the full financial impact of the disaster.
Contents insurance gap exposed after major house fire
The ICNZ has observed that many migrants in New Zealand are less likely to hold contents insurance compared to the general population.
According to an ICNZ spokesperson, this trend is often due to limited familiarity with New Zealand’s insurance system, language barriers, and differing insurance experiences in their countries of origin.
“It means you won’t have to replace everything out of your own pocket. Whether you rent or own your home, it’s about protecting what’s important to you and being prepared for risks you can’t control,” the spokesperson said, as reported by RNZ.
Residents recount escape and aftermath
Fire and Emergency New Zealand reported that the property was already engulfed in flames when crews arrived, requiring nine units to bring the blaze under control.
Sanjay Veerwal, who lived in the house with his family, said they narrowly escaped.
“If we were one or two minutes later, I wouldn’t be talking to you now,” he said, as reported by RNZ.
The family, who have lived in New Zealand for over three years after moving from Rajasthan, lost nearly all their possessions except for a car and a mobile phone.
"All our furniture, clothes, important documents like passports, certificates – everything is gone,” Veerwal said.
He estimated the cost to replace their belongings at approximately $50,000. With no insurance to cover their losses, the family has depended on support from the local community. “The Indian community and the wider community have been incredibly supportive, helping us with clothes, finding housing, and connecting us with people who can assist. We are truly grateful,” Veerwal said.
The family has been temporarily housed by their son’s school while searching for new accommodation. The Consulate General of India is assisting with the replacement of lost passports.
Flatmates face similar losses
Flatmate Lakshay Gulati, who has lived in New Zealand for nine years, also lost most of his possessions, including documents and items for a planned trip to India.
“I wasn’t even aware of such insurance,” Gulati told RNZ, estimating his losses at $8,000.
Another flatmate, Akul Layal, lost all his belongings and a car just two days after moving in. Layal planned to stay with family in Christchurch to recover.
Fire and Emergency New Zealand has completed its investigation, but the cause of the fire remains undetermined due to the extent of structural damage. Community members have established fundraising pages to assist those affected.
Complaints and how to deal with them
Complaints are inevitable when dealing with insurance - but how you respond can make or break customer trust.
This year, the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) has reported a record number of complaints, with cases becoming increasingly complex and challenging to resolve. Customers expect timely, fair outcomes and empathetic communication. For insurance brokers, strong complaints handling isn’t just good serviceit’s about protecting relationships, reputation, and meeting conduct obligations.
That’s why the IFSO Schemetogether with Massey University - offers the Complaint Response and Management short course: a practical, university-backed micro credential that equips people to resolve complaints confidently, consistently, and applying the right skills at the right time.
The course blends technical frameworks with practical exercises. Participants practise scenario-based responses - drafting communications, structuring fair decisions, and navigating high emotion interactions - so they return to work with immediately usable tools.
Marianela Zanassi from IAG, a recent participant of the course, says completing it has had a positive effect.
“I highly recommend this course to anyone working in insurance or customer service. I now feel more confident in my ability to make decisions that are well-supported by similar case examples explored during the course,” she says.
“This knowledge has already had a positive ripple effect - enhancing the way I support my team and contributing to a more customerfocused, resilient complaints culture within our organisation.”
“One of the most valuable insights I gained was the importance of recognising and responding to vulnerable circumstances with empathy and clarity—something I now apply with greater confidence in my role,” she says.
The programme is built for busy professionals: participants can start at any time, learn at their own pace, and take six months to complete the credential, all while balancing day-today workloads.
The course offers electives tailored for different industry roles - from claims and compliance to general insurance and personal risk. Graduates receive a Massey University Certificate of Completion and 50 verified CPD hours.
An earlybird offer is available until 28 February 2026 with a $200 + GST per person saving - making it a cost effective way to build competence in complaints handling.
Who should enrol?
• Insurance brokers seeking structured, university level training in complaint response, communication skills and conflict resolution techniques.
• Claims teams managing complex or sensitive customer situations.
• Compliance and conduct leaders wanting consistent, auditable standards.
Gain the tools and confidence to handle complaints well - enrol now at www.massey.ac.nz
Key facts
Start date: Any time
Cost: $690 + GST per person. Earlybird offer $490 + GST per person to 28 February. Additional IFSO Scheme Participant and group discounts available.
Duration: 6 months
Delivery mode: Online
Time commitment: 50 hours
Cancelled trip
Theinsurer had led Yasmin* to believe that the claim would be covered.
Yasmin’s complaint was settled because the insurer had led her to believe that the claim would be covered, and she acted on this advice to her detriment.
Yasmin held insurance on an overseas trip between March and April 2024.
Yasmin was notified prior to the start of the trip that the cruise, which was the purpose of the trip, was cancelled. As a result, she telephoned the insurer (the query call) to understand whether the non-refundable prepaid costs of the trip would be covered by the policy.
Yasmin later made a claim for the loss.
The insurer stated that, because one of the cruise ports was in Israel, the recent outbreak of war was the reason for the cruise being cancelled. Therefore, the insurer relied on the exclusion for claims directly or indirectly related to war or invasion to decline the claim.
Yasmin made a complaint, saying that she had been advised during the query call that the loss would be covered by the policy. Yasmin also said that, had she known there was an exclusion which could have applied, she would have used the flights and accommodation, but taken a different trip. Therefore, Yasmin did not believe the insurer should be able to decline the claim.
The case manager’s assessment
During the query call, the insurer did give Yasmin misleading advice about the policy. At one point, the insurer said, “I can’t actually confirm or deny if you’ve got cover… It’s such a heavy word … There is absolutely provision within that cover.”
In addition, Yasmin could show reliance on this statement, as she cancelled the trip, rather than opting to use the pre-booked travel for a different cruise or tour.
However, following discussions with the case manager, the insurer agreed to reverse its decision and accept the claim. Yasmin agreed that this resolved her complaint.
Reduction in vehicle's value
Quincy*
said the agreed value had not been properly notified to him when his policy was renewed.
Quincy held insurance on his vehicle.
In December 2024, following an accident, Quincy made a claim to the insurer for damage to the vehicle.
The insurer accepted the claim and decided that the vehicle was not economic to repair. As a result, it offered Quincy the agreed value of the vehicle of $19,230, less the policy excess of $500.
Quincy made a complaint, saying the agreed value had not been properly notified to him on renewal. This was because until 2 weeks prior to the accident, the agreed value was $27,980, meaning the agreed value had reduced by more than 30%. The insurer increased its offer to $22,000, less the $500 policy excess, based on the market value of the vehicle. Quincy declined the offer.
The case manager’s assessment
Generally, it is up to an insured person to read and understand the terms and conditions of the policy. If the insured is not satisfied or does not accept the terms provided, it is their right to seek insurance elsewhere.
However, the law requires onerous or unusual clauses not to be hidden within the standard terms or conditions; they must be brought fairly to the notice of the insured. If an exclusion or limitation is onerous or unusual, an insurer must ensure the clause is specifically drawn to the attention of the insured.
In November 2024, the insurer notified Quincy of the policy renewal and stated the policy terms had changed and needed to be checked, but did not specify any change to the agreed value. The agreed value figure of $19,230 was on page 5 of the notice.
Quincy arranged the policy in December 2021, with an agreed value of $35,000. In December 2022, the policy was renewed with the same agreed value of $35,000. In December 2023, the policy was renewed with an agreed value of $27,980 – a 20% decrease in the agreed value.
The 2024 renewal notice meant that, at the time of the damage, the agreed value was $19,230, which was a 31% decrease in the agreed value.
In some cases, the IFSO Scheme has found that significant drops in agreed values are unusual and need to be specifically brought to an insured’s attention.
However, this was not the first renewal of the policy, and the policy had previously experienced a significant drop in the agreed value the year before. In addition, the insurer had offered to pay Quincy the market value of the vehicle, less the excess. This was the remedy that the IFSO Scheme is most likely to award where the insurer was responsible for a vehicle being underinsured, and where it had not given sufficient notice of a significant decrease in the agreed value of a vehicle.
While Quincy said that he could not replace the vehicle for $22,000, this was not the test for market value. Instead, what needed to be determined was the value of the vehicle just prior to the damage occurring. The insurer provided an independent valuation to support the offer, meaning its offer of $22,000, less the policy excess of $500, was fair and reasonable in all the circumstances.
Quincy's complaint was not upheld because the insurer had already offered to settle the claim based on the vehicle’s market value, which was fair and reasonable in all the circumstances.
Complaint not upheld
INSIGHTS FOR CONSUMERS
Insurers typically expect you to report any potential claim promptly and take steps to minimise further damage. Failing to do so may lead the insurer to claim that they have been prejudiced by the late notification and decline to pay out the full claim.
Late notification of a claim
Jiya*owned commercial office space that she converted into several office spaces for renting. The insurance for the units was managed by the Body Corporate.
In February 2023, one of the office spaces was damaged during the Auckland Anniversary floods. Jiya immediately asked the Body Corporate if the damage would be covered by insurance. She followed up again in April. In June, the Body Corporate sent Jiya a claim form to fill out. Jiya sent the form back in late November, and the claim was submitted to the insurer in January 2024.
By this time, the insurer was unable to confirm that the damage had been caused by the Auckland Anniversary floods. However, the insurer, in good faith, accepted Jiya’s claim.
Jiya also claimed for lost rent, as she was unable to rent out the office space while it was damaged. The insurer agreed to pay the loss of rent from the day they were notified of the claim until the day the damage had been repaired, a period of seven months.
What were the parties’ views?
The insurer thought the cover they provided was fair, given the late notification of the claim. If the insurer had been notified of the claim sooner, the loss of rent period could have been avoided, or at least minimised.
Jiya disagreed, arguing that the insurer should pay the loss of rent from the day the damage occurred, to the day it was repaired – a period of 14 months. Jiya said she first notified the Body Corporate about the damage in February 2023, so she considered she had submitted her claim promptly. If the Body Corporate caused delays, the insurer should address this with them. What was FSCL’s view?
According to the policy, if anything happens that may lead to a claim, the insured must tell the insurer as soon as possible. We noted that Jiya had submitted her insurance claim over 11 months after the damage occurred.
As soon as the insurer was notified of the claim, they took immediate action, and all the necessary repairs were completed within seven months. If Jiya had notified the insurer of the claim earlier, it is likely the repairs would have taken place within this timeframe, and loss of rent cover would only have been required for seven months.
Jiya raised a concern that the insurer did not tell her that the loss of rent would only be available from the day the claim was submitted. However, we noted that the obligation to notify the insurer of the claim as soon as possible was clearly set out in the policy, and Jiya was responsible for complying with this.
We did not think it would be fair to exclude Jiya’s entire claim because of this. However, it would also not be fair to ask the insurer to cover the full loss of the rent period, when they were not given the opportunity to properly investigate the cause of the damage or mitigate their loss. We decided that the seven months the insurer had already paid out was a fair middle ground.
We acknowledged that the Body Corporate appeared to have caused some delays, but we explained that this was not the insurer’s responsibility. We suggested that Jiya raise any concerns about the Body Corporate with them directly.
What was the outcome of FSCL’s investigation?
We suggested that Jiya discontinue her complaint. Jiya disagreed, so we issued a final decision, not upholding the complaint.
Claim not covered under policy wording
WhenCyclone Gabrielle hit on 13 and 14 February 2023, Willow’s* business had 19 heavy machines located at skid sites in the upper North Island.
The machinery had originally been taken to the skid sites using a transporter around 2021, and the machinery was supposed to stay at the skid sites, some situated in forests, for a further six months to two years. However, the cyclone caused damage to the roads, bridges and forest, and the skid sites were deemed unproductive, so Willow’s business was tasked with relocating the machines from the original skid sites to new skid sites.
The cyclone did not cause any physical damage to the machines. If the cyclone hadn’t occurred, the forestry company that Willow’s business had contracted with would have paid for the machines to be transferred to the next skid sites when it was time to move.
Willow’s business made a claim for $85,500 (plus GST) under its business policy for the costs of internal labour, the machine running costs, and accommodation and vehicle travel costs associated with moving the machinery. The insurer declined Willow’s business’s claim.
Willow complained to FSCL on behalf of her business. What did the policy say, and what were the parties’ views?
Willow and the insurer disagreed on the interpretation of the relevant section of the policy, which said:
Recovery costs – no damage
• If a machine becomes immobilised or inaccessible and unable to be used without physical damage or destruction and as a result of a sudden and unexpected event occurring during the period of insurance, the insurer shall indemnify the insured against the reasonable and necessary costs incurred with the insurer’s prior written consent of recovering or attempting to recover the machine.
The insurer’s view was that the policy did not respond to Willow’s business’s circumstances. The machinery was able to be 'walked out' ('walk[ing]' machinery refers to driving the
machinery out of the skid site using its own power, rather than having it picked up on a transporter) to a pickup point. A transporter would then pick up the machinery to take it the rest of the way to the new skid site. This meant that the machines were not 'immobilised', and they were able to be used without damage or destruction.
Willow’s view was that the machines were stuck in the forest and were unable to be used under normal conditions. Willow noted that some machines were walked for 16km, taking several days, and moving the machines had benefitted the insurer because it mitigated the potential loss or damage to the machines had they remained at the original skid sites. What was FSCL’s view?
We agreed with the insurer’s interpretation of the policy, and we did not think that the policy provided cover for Willow’s business claim. We agreed that the machinery could not be categorised as 'immobilised' or 'inaccessible and unable to be used without physical damage or destruction' in circumstances where the machinery was able to be walked out of the original skid sites without causing any physical damage to the machinery.
We also noted that Willow’s business was required to get written permission from the insurer under the terms of the policy before incurring the costs, and they had not done this. How did FSCL suggest that the complaint should be resolved?
We explained our views to Willow. Willow was disappointed but decided to discontinue her complaint. We closed our file.
INSIGHTS FOR CONSUMERS
It is important to be mindful of the scope and wording of your insurance policy. If you find yourself in circumstances where you think you might need to eventually make an insurance claim, check the wording of your insurance policy and notify your insurer before incurring any costs.
Professional indemnity insurance for plumbers / gasfitters
Liability/Cyber/Product Recall/Crime/Fidelity
QUESTION
Could I please have some clarity around an issue that I am dealing with?
I have a plumber/gasfitter who offers design work as part of their services. The client mainly works on new build contracts and works alongside the Architect to design bathroom solutions for the end client. They also sign off on plumbing/drain laying/gas fitting installations.
Given the design element, it is clear that a professional indemnity cover is needed; however, I am having significant pushback from insurers with standard wording and endorsement exclusions if the client does both the design and the installation. For instance, I've had insurers include a design and construct exclusion which agrees that the policy will not indemnify the insured for inadequate workmanship relating to the design.
EXPERT ANSWER: Crossley Gates, Glaistor Keegan
As a regular drafter of liability policies, the way the insurance industry addresses (or not) the interface between insuring the direct damage caused by an error in design, plan, specification or workmanship, and any resultant damage arising from that direct damage, has often troubled me. The traditional underwriting principles of both policies seem to apply less and less these days, especially in New Zealand. This is not necessarily a bad thing.
While most PL policies now automatically include liability for the insured's 'products' (things the insured manufactured, constructed, sold or repaired), traditionally, a PL policy only covers liability for resultant damage arising from this direct damage. In other words, the damage to the product itself is never intended to be covered. Those who have worked in PL claims will be all too familiar with pointing out this limitation at claim time.
On the other hand, PI policies, while usually covering risks in relation to intangible services, usually don't have this limitation;
liability for direct damage/financial loss is covered as well as resultant damage/financial loss. It's not hard to see how this increases the exposure under these policies.
More recently, liability underwriters have been blurring the lines on this distinction by adding some (usually sub-limited) traditional PI cover in a PL policy. The faulty workmanship extension in a PL policy is an example. While a standard PL policy covers liability for faulty workmanship, it only covers resultant damage. The extension expands this to cover liability for direct damage (to the product), like a PI policy. It is now a question of how far this goes into other traditional PI exposures, such as design (usually totally excluded in a PL policy).
There is no reason in principle why the covers under a PL policy and a PI policy could become combined as one policy, but two things would have to happen before that: 1. Both need to become claims-made, so they operate the same way, and 2. the premium will need to reflect the combined exposure of a PL and PI policy.
Your questions answered
Temporary removal
Material Damage/BI/Contract Works
QUESTION
If a material damage policy states:
"This Policy extends to cover any Insured Property (except stock) whilst temporarily removed within New Zealand and whilst in transit to and from that place." and
“temporary removal” means removed for a particular purpose or reason, with the intention that the property be returned to the place from which it has been removed once that purpose or reason has been served."
Is there any need for a client to have AINZ cover for portable tools of the trade if they travel from their home workshop each day?
FEL on landlords ' contents under residential body corporates
NHI/FENZ
QUESTION
Hi there,
We are in discussion about whether we charge FEL on landlords' contents under a residential body corporate, when it is automatically included as a benefit in the policy wording. Under the policy wording, landlords' contents are automatically included - limit $20,000 per unit.
Do we charge FEL on $20,000 per unit that is tenanted?
We are already charging $119.50 per unit for FEL for the building cover.
EXPERT ANSWER:
Crossley Gates, Glaistor Keegan
I understand the risk associated with insured property (portable tools) regularly transported to different locations on a temporary basis is higher than the risk of static insured property at the insured site. This leads to the need for a separate product at, presumably, a higher premium rate to cover this. Hence Jeff's view that this how it should be.
There is no issue with this, but both the MD Policy and the Portable Tools Policy must be drafted to ensure the cover for portable tools is forced into the intended policy.
It looks to me that there is a drafting gap in the Temporary Removal extension in that it should not only exclude stock, but also portable tools. Presently, it doesn't and I think it is arguable that the current drafting is not sufficiently watertight to exclude portable tools. In my view, this drafting needs to be fixed.
In the meantime, I suggest it would be brave for a broker to rely on this unclear drafting to advise a client not to take the Portable Tools Policy if it is a risk that needs to be covered. A claim under the MD Policy is likely to be contested by the underwriter. Is it in the client's interests to face a dispute like this?
EXPERT ANSWER: Stephanie Beswick
Under the current Fire Service Act 1975 (in force up to 30 June 2026), personal property is applied and capped on a 'per policy' basis due to the wording/language used.
With the original EQC Act, it was the intent for the levy on personal property to apply on a per residential building basis, but the language used was determined to mean the levy cap applied on a per policy basis instead.
The proposed wording in the Regulatory Systems (Internal Affairs) Amendment Bill, if approved, will amend the principal regulations to: replace references to personal property with references to household property; and
provide that the maximum amount of levy payable per year for household property is $21.48 per dwelling in or on which the household property is, or is usually, located.
This means if this is approved and not changed, then from 1 July 2026, household property (previously called personal property) will be on a per-dwelling basis.
FORUM
NHI levies on indemnity values
NHI/FENZ
QUESTION
We have a client with a large portfolio of individual homes, and they have opted to insure these on defined perils cover and indemnity values.
All of the houses' indemnity values exceed $300,000, so we have charged full NHI levies as we feel the client is entitled to the $300,000 building cover cap limit under the Act.
The underwriter has instead advised that, as the insurance cover is defined perils/indemnity value, that the levies and cap are based on sqm x $2,500.
This is resulting in the insurer restricting the building cover cap to below the entitlement under the Act and below the sum insured. Our review of the Insurer's guide shows that Option 2 applies, but that states, "...the size of the dwelling is only used to calculate the building cap if the specified sum is less than $2,500 multipled by the insured floor area. "
Can they restrict the NHI cover in this way, or should they only be doing this where the sum insured is below $300,000?
EXPERT ANSWER: Lynne Robinson
From the information provided, it is not possible to provide a full and accurate response to your scenario. If you would like to contact us directly so that we can gather the additional information necessary, please contact us at nhcover@naturalhazards.govt.nz.
We can, however, provide some general advice that may assist you.
Where there is no replacement sum insured specified in a house insurance policy (that includes a fire insurance contract), then either section 36 or section 37 of the NHI Act will apply to determine the amount of the building cover cap.
Section 36 of the NHI Act only applies if the house insurance policy sets out a ‘specified amount for natural hazard cover’ under the NHI Act. This ‘specified amount for natural hazard cover’ is different to the ‘indemnity value’ that the house is insured for. Where the insured person chooses to have a ‘specified amount for natural hazard cover’ set out in their house policy, then the building cover cap for the residential building will be that specified amount, subject to it
being between (or equal to) the minimum and maximum amounts described below:
• the insured floor area multiplied by $2,500 plus GST (the minimum amount the building can be insured for under section 36(2)(a) of the NHI Act), or
• the number of dwellings multiplied by $300,000 plus GST (the maximum amount the building can be insured for under section 36(2)(b) of the NHI Act, or
Section 36 does not apply if the house policy does not specifically state a ‘specified amount of natural hazard cover’ that the residential building is to be insured for under the NHI Act.
Where sections 35 and 36 of the NHI Act do not apply (i.e. the house policy does not specify a replacement sum insured or a specified amount for natural hazard cover under the NHI Act), section 37 will apply to determine the building cover cap.
Section 37 provides that if neither section 35 nor 36 applies, then the building cover cap for the residential building is the number of dwellings in the residential building multiplied by $300,000 plus GST.
Calendar of events
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Presenter: Mark Anderson | Commercial Loss Management
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Topic: Insurance issues arising from professional indemnity claims
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Topic: Insurance valuations
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Body Corporates
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BI Common Problems
Contract and Commercial Law Act, Including Carriers Liability
Public liability claims examples and issues that can arise
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Workplace Change Made Easy –Understanding and Embracing Discomfort
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Roger Abel
Rothbury Group Limited
PO Box 1596
Shortland Street
Auckland 1140
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PO Box 180
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SHARE
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Botany
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john.chandler@pic.co.nz
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Arthur J. Gallagher & Co (NZ) Limited PO Box 68910
Wellesley Street, Auckland 1141
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Director – New Zealand
PSC Connect NZ Limited PO Box 105-241
Auckland City
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Mob: 021 409 400 dpenfold@pscconnect.co.nz
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