Welcome to our final issue of Cover to Cover for 2023 – our publication for New Zealand’s insurance professionals.
In this Cover to Cover, we delve into climate-related disclosures (CRD) and provide a summary of the CRD regime’s requirements for climate statements. We provide useful guidance to insurers on the steps they can take now to prepare for the CRD regime and maintain compliance with its framework.
Following New Zealand’s largest cyber breach to date, both the Financial Markets Authority and the Reserve Bank are now taking a close interest in what regulated businesses are doing to protect themselves and their customers. We analyse the standards that these regulators have introduced and what they mean for financial service providers, including insurers.
The Insurance Council of New Zealand expects insurers to make a total of $3.5 billion in claims payments for all claims for the Auckland Anniversary Floods and Cyclone Gabrielle. With extreme weather events becoming more common, we examine the future of insurance cover for climate-related natural disasters. We also look at the response from insurers and examine the possibility of Government intervention.
Finally, we share recent case studies from the English High Court; one examines the rejection again of the “but for” test, while the second provides new guidance on warranty and indemnity insurance claims.
We hope you find this issue insightful and useful.
Read Cover to Cover
This issue is available in PDF or individual articles below:
Preparing insurers for climate-related disclosures
Cyber reslience: Regulators take an interest
Managing challenging claims
Case study: New guidance on Warranty and Indemnity insurance claims
Case study: The "but for" test is rejected again
The future of insurance cover for weather-related natural disasters
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