INSURANCE NEWS

• $200 Million and Counting: New Zealand breaking records for annual storm damage cost with only half of 2018 elapsed.
  

  It is only the start of July, but already New Zealand has experienced more than $200 million in storm damage in 2018, almost breaking the record for most in a calendar year with 5 months still to come. Read More Here.
  
  

• Cost of Storms and Flooding in NZ Pushing Up Premiums: Insurance Brokerage
  

  In the wake of another costly holiday period of storms and flooding, New Zealand has been labelled a "high risk" location with the amount of claims increasing by 56% over the last three years. Read More Here.
  
  

• ICNZ: Fire Levy Premium Increases are "well out of step with the rest of the world".
  

  Insurance Council of NZ has railed against the insurance levy increases to fund Fire Emergency Services calling the entire funding model out of date. The government has responded, saying there will likely be decreases in 18 months time after the changes have bedded in. Read More Here.
  

• South Island Earthquakes: How To Claim on Your Insurance.
  

  The Insurance Council has issued advice for people in need of claims after the most recent series of earthquakes to shake the South Island of New Zealand, affecting people all the way to Wellington and doing severe damage. Read More

  
  

• Calls Made For Mandatory Building Insurance.
  

  Poor materials imported cheaply from overseas being used by poorly trained builders is creating the potential for a new litigation crisis. This is prompting calls for mandatory building insurance from industry bodies. Read More
  
  

• Youi Fined $100,000 by ICNZ for Misleading Sales Tactics.
  

  Youi plead guilty to 15 charges brought against it by the Insurance Council of New Zealand including debiting customer bank accounts without permission. Read More
  
  

• Insurance Council of NZ Reacts to the Brexit vote.
  

  The Insurance Council of NZ puts forward their perspective on what the Brexit vote could mean for the insurance industry in New Zealand. Read More

• Insurance Industry considers the challenge of driverless vehicles.
  

  Research predicts that by 2021, driverless vehicles could be becoming prevalent What does this mean for car insurance and premiums? Read More

• Christchurch Earthquake Lessons haven't been learned - Insurance Ombudsman.

  Horror stories from Christchurch residents have not stopped people from making insurance mistakes. Read More