New Zealand insurers earnings impacted following acquisition of Westpac Life, but improvements anticipated due to increased operational scale and technological capabilities.
Morrow has been with Chubb for 15 years in various leadership positions and is promoted from his role as Head of Property and Casualty (P&C) for Chubb NZ.
GlobalData forecasts sector to grow by 7.3% CAGR to NZ$12.9bn (US$7.87bn) in 2028, but profitability to remain volatile due to nat cats and reinsurance rates.
Industry loss estimate increases to NZD 2.174bn (US$1.33bn); contributing to record NZ$4.4bn in losses when combined with Auckland Anniversary Weekend Floods.