Latest News

News release: Insurers welcome establishment of Christchurch Central Development Unit

The Insurance Council says it welcomes today’s announcement by the Earthquake Minister, Hon Gerry Brownlee, that a Christchurch Central Development Unit focussing on the rebuilding of the Christchurch Central Business District (CBD) is to be established.
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Publication: ICNZ Annual Review 2011-2012

TThe past 18 months have been the most challenging period in the history of the NZ insurance industry...
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News release: Christchurch insurance rebuilds $NZ10 billion and rising

The Insurance Council is warning that the continued aftershocks in Christchurch could have long term effects on the insurability of New Zealand.
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News release: EQC and insurers seeking clarity on insurance payments

The Earthquake Commission (EQC) and the Insurance Council have agreed to ask the High Court to make a ruling on complex questions of coverage arising from the two major Canterbury earthquakes and their aftershocks
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Canterbury earthquake

The largest single insurance event in the history of New Zealand
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New Fair Insurance code

The obligations for both you and your insurer.
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Chief Executive's report

The past year has seen a continuation of the challenges for the insurance industry, but particularly enormous responsibilities in responding to the Christchurch earthquake of late 2010.

During 2010 the Board requested a review of our strategic plan and the establishment of priorities within it. This was just prior to the devastating earthquake of September 2010 and as a consequence of that, the Insurance Council was well prepared to cope with the requirements that an event of this size demanded of us.

The earthquake saw us responding to the needs of our customers and this required very close liaison with central government, local government, brokers and loss adjusters and in particular, our membership. The role of our reinsurers was fundamental to our ability to be able to respond to questions about the future of the industry, and the staff of Insurance Council members were outstanding with their contribution through the committee structure to the technical issues, which an event of this size raised.

In addition to the earthquake, the Insurance Council made a wide range of extensive submissions on Prudential Supervision and Financial Advisers. We maintained our focus on our core activities of regulation, representation and knowledge management. The activities record for the Insurance Council included in this report outlines in some detail the list of submissions made.

Within many of these submissions extensive work and consultation with the industry was achieved. In the area of representation we have put in an enhanced effort to working very closely with a range of partners. These include Central government, local government, through the Christchurch City Council, and the Earthquake Commission. We also liaise with a very wide range of media parties on a broader range of issues they have raised.

Regular meetings have been held by the Earthquake Recovery Group, put together by the Insurance Council. In addition, we have organised regular contact, briefings and data exchange between insurers, their representatives and the Earthquake Commission to discuss ongoing developments in the area of residential response.

There were other critical issues to respond to however. As well as those issues already mentioned in regulation, the Insurance Council addressed the issues of Anti Money Laundering, the Solvency Standard Draft Consultation from the Reserve Bank, the change in GST from 12.5% to 15% and we also prepared a significant submission on the IASB’s Exposure Draft on insurance contracts.

We held a very successful financial seminar for the industry during the year, and reviewed the Fair Insurance Code for customers. As a result of the earthquake, we also updated the Insurance Council Solvency Returns to ensure all members were fully compliant with minimum solvency requirements for the Council. All members of the Insurance Council continue to fully comply with the solvency requirements.

I would like to thank the President and Board for their input and directions to the Council’s work during 2010. I would also like to specifically and very sincerely thank the staff of the Insurance Council, our industry members and our colleagues in the wider industry, in contributing to the work of the Committees, Working Groups, regulatory input and other activities of the Council.

2011 will see a continuation of the new regulatory environment, and the impact of the Canterbury earthquakes. A huge effort and focus will be placed on recovery from these devastating earthquakes. The Insurance Council is in good heart with strong financial fundamentals and we are very proud to represent the New Zealand industry and our customers. We will continue to provide a better understanding of the benefits of a sustainable and successful insurance industry to a wide range of New Zealanders and the New Zealand economy.

Full details of other aspects of our work are included in the Council Activities 2010/2011 in this report.

Christopher Ryan
Chief Executive

Insurance Council of New Zealand

 

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