Navigating the turbulence of a global economic crisis requires insurers to maintain an even ballast between the cargo of customer interests and buoyant solvency.  In New Zealand, rated one of the riskiest for its size, the challenge is arguably more difficult. Next week’s Budget may shine more light on the economic outlook. Treasury’s scenarios to …

THE CRITICAL ROLE OF INSURANCE IN NAVIGATING THE ECONOMIC CRISIS AHEAD Read More »

As New Zealand moved to Alert Level 3 last week (28 April) the ability to undertake non-essential repairs were able to get underway. To ensure these repairs comply with tighter health and safety requirements, a number of additional measures have been put in place by collision repairers to protect both their staff and customers. These …

INSURER SUPPORT COLLISION REPAIR INDUSTRY DURING LEVEL 3 Read More »

Since early March, our members have worked proactively to support their customers facing the unique challenges New Zealand’s response to COVID-19 has presented. All have ensured they are fully open for business and have worked to keep New Zealanders and their assets protected by easing the financial pressures they faced. ICNZ’s members have each implemented …

INSURERS COVID-19 SUPPORT FOR SME AND COMMERCIAL CUSTOMERS Read More »

From 28 April New Zealand will move into Alert Level 3 as part of its response to COVID-19. So, what does this mean for insurers? As an essential service provider, insurers have been open and helping customers throughout the Level 4 restrictions. Our members responded quickly, scaling up their work from home capacity to protect …

WHAT ALERT LEVEL 3 MEANS FOR INSURERS Read More »

The Insurance Council of New Zealand (ICNZ) welcomes the announcement from Finity Consulting that savings on personal motor claims will amount to approximately $35 million during the four-week Level 4 period. Tim Grafton, CE ICNZ, says the independent actuarial analysis of the situation provides a balanced view in contrast to initial speculation last week that …

ICNZ CLARIFIES EXTENT OF COVID-19 IMPACT ON MOTOR INSURANCE Read More »