Four consecutive years of W&I rate declines in Asia-Pacific have coincided with rising claims notifications and MGA exits, as competition among insurers and agents intensifies.
Insurers brace for complex multi-event claims as Vaianu cuts power to 5,000 homes and forces coastal evacuations across Northland, Waikato and Hawke's Bay.
Review says 71% of New Zealanders expect natural disasters to worsen, while 65% accept premiums may rise as weather losses and rebuilding costs increase.
The W&I product expansion looks to address both historical and future risks with "predictable cost structure" for cyber, environmental, D&O, and crisis management add-on covers.
The FSU is demanding transparency on the full scale of planned job cuts at Acenda after three rounds of redundancies impacted 280 workers across departments.
