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21 March 2023
Insurance Market Update
March 2023
In our latest Insurance Market Update, Chief Broking Officer Mark Jones looks at the insurance implications of the Auckland Anniversary Flood and Cyclone Gabrielle weather events, and the likely impact for the New Zealand market.
Insurance Market Update (PDF, 4.5MB)
IN THIS ISSUE
Severe weather hits insurers hard
- Number of claims similar to Canterbury Earthquakes
- Re-insurance costs will likely drive premium increases
Introducing a hard market
- New Zealand to enter the hardest insurance market conditions in well over a decade
- Perfect storm drives New Zealand premium increases
- Potential risk based pricing for floods
Explaining a hard insurance market
- What is a hard insurance market?
- Where we are in the market cycle
- What you need to consider in a hard market and how your broker can help.
"Incidents of extreme weather will continue to put pressure on global insurance and reinsurance markets who are seeking sustainable solutions. In New Zealand there will no doubt be an impact on pricing and potentially coverage."
Mark Jones, Chief Broking Officer.