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4 Dec 2024

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Turners Invests in Quashed Online Insurance Platform
Turners Automotive Group is pleased to announce its strategic investment of $1 million in Quashed, an innovative online insurance platform. This represents a 13% stake in the rapidly growing Kiwi company, which is progressing quickly toward its near-term

Insurers expand complaints reporting
The Insurance Council of New Zealand Te Kahua Inihua o Aotearoa (ICNZ) has introduced more detailed reporting about complaints in a commitment by the insurance industry to provide greater transparency and openness to New Zealanders

Reserve Bank Investigation into Geneva Subsidiary
Geneva advises that its subsidiary Quest Insurance Group Limited (Quest) has received notification from the Reserve Bank’ enforcement team that a formal investigation in relation to certain matters involving Quest has commenced

Tower completes sale of Papua New Guinea subsidiary
Tower has completed the sale of its Papua New Guinea subsidiary, Tower Insurance (PNG) Limited, to Papua New Guinea based insurer, Alpha Insurance Limited

Bank payouts to wronged customers top $109 million in four years
Banks have paid out $109 million in remediation to 952,000 customers after New Zealand regulators reviewed the sector.Last month the FMA revealed nearly half a million life insurance customers have been paid out $43 million in...

Life insurance payouts to wronged customers climb to $43 million in four years
Nearly half a million life insurance customers have been paid out $43 million in remediation since 2018 for poorly sold products, the financial markets regulator says.And firms are expected to report more problems as they continue...

Higher natural peril costs pull down profit for insurer IAG
A significant increase in natural peril costs has dragged down the profits of IAG New Zealand - the country's largest general insurer and parent of brands State Insurance, NZI and AMI.IAG NZ made a profit of A$220 million ($242m)...

Half a sleeping pill almost costs woman her insurance cover
Drivers are being urged to check when they can get back behind the wheel after taking prescription medicine.

Tower and Kiwibank sign referral agreement
Kiwi insurer Tower (NZX/ASX: TWR) announces it has entered into a referral agreement for general insurance products with Kiwibank for its retail banking customers. The agreement is for an initial term of five years

TWR - Tower exits commercial rural business
Tower Limited (NZX/ASX:TWR) has today announced that it will no longer offer insurance for commercial farms as the insurer focuses on its leading direct personal and small business lines insurance business

Travel insurers say travellers should know their rights when it comes to their bags not turning up after a flight.
"In the first instance, the airline is responsible for the initial reimbursement of the costs incurred as a result of delayed or lost bags," says Insurance Council of New Zealand Te Kahui Inihua o Aotearoa (ICNZ) Consumer Affairs Manager Sarah Knox, "it&r

Financial Markets Authority taking insurance giant Vero to court
Insurance giant Vero is facing High Court action from the Financial Markets Authority after allegedly overcharging customers more than $8 million but the business said it self-reported the matter and had changed how it worked.The...

Tower Insurance eyes up earnings lift as written premiums grow
Tower said it anticipates its underlying net profit after tax including big events to be about $26m, up from a range of $21m-$25m for the September 30 year.The insurer said underlying net profit excluding large events ($14m after...

Life insurer AIA penalised $700k for misleading customers
Life insurance company AIA must pay $700,000 for false and misleading representations to customers.The Auckland High Court ordered the penalty after the Financial Markets Authority took action. The authority said AIA admitted...