New Zealand tag returned 204 results
Wealth management company AMP yesterday advised that the proposed sale of AMP Life (the Australian and New Zealand wealth protection and mature businesses) to UK-based Resolution Life is highly unlikely to proceed on the current terms due to the challenges in meeting a condition laid down by the Reserve Bank of New Zealand (RBNZ).
Major exit for insurer in the Pacific region
Allianz Global Corporate & Specialty Pacific (AGCS Pacific) has decided to cease underwriting of long tail risks in Australia and close its operations in New Zealand with effect from 1 September this year, following a strategic review of the business. This decision concerns only the financial lines and liability divisions of AGCS Australia and AGCS New Zealand.
Corporate insurer appoints new CEO after operations overhaul
Allianz Global Corporate & Specialty Pacific (AGCS Pacific) has appointed Mr James Stack as CEO, with effect from 1 August 2019 and Ms Joanna Mercer as head of claims, effective from 1 October 2019. The appointments have been made after AGCS decided to cease underwriting of long tail risks in Australia and close its operations in New Zealand with effect from 1 September this year, following a strategic review of the business.
New Zealand: RBNZ accepts report of independent review of its handling of failed insurer
The Reserve Bank of New Zealand (RBNZ), in supervising insurance businesses, should adopt a pre-emptive stance of being ready to act on doubts and suspicions of lack of financial soundness, rather than waiting for certainty or advisory confirmation of financial risk, says a report released yesterday following an independent review that it commissioned of its supervision of collapsed insurer CBL Insurance (CBLI).
New Zealand: Insurers can expect more intrusive supervision by Reserve Bank
Insurers and other regulated entities can expect supervision by the Reserve Bank of New Zealand (RBNZ) to be more intrusive, as it seeks evidence that attestations are merited and verifies compliance, Mr Geoff Bascand, the central bank's deputy governor, has said.
New Zealand: Insurers refute allegations that consumers get raw deal
People who take out general insurance do get a fair deal from their insurer, contrary to Consumer NZ's assertion that they don't, said Insurance Council of New Zealand (ICNZ) CEO, Mr Tim Grafton, in a statement yesterday.
American insurer to stop offering high net worth insurance in New Zealand
AIG is discontinuing its private client group's home, contents and yacht insurance cover and will no longer offer high net worth insurance in New Zealand, effective 31 July 2019 according to a statement on the insurer's website. AIG has been operating in the country since 1970 and continues to offer corporate and commercial insurance as well as risk management products and services.
New Zealand: Govt plans huge hike in oil spill insurance coverage
Offshore oil and gas operators will be required to hold higher levels of insurance to ensure they can cover the cost of an oil spill under proposed new rules announced lsat week by Associate Minister for Transport Julie Anne Genter.
Earthquake model for New Zealand gets updated
With New Zealand being highly prone to earthquakes which can lead to significant insured losses, catastrophe risk modelling firm AIR Worldwide (AIR) has released its updated earthquake model for the country. This updated model has now become the first model to cover trans-ocean basin tsunami risk from distant earthquakes, such as those off the western coast of South America. The earthquake model can also be used to demonstrate compliance with the Reserve Bank of New Zealand's Catastrophe Risk Capital Charge requirement.