NZCity NewsLinks -

Finance

30 Apr 2024

Search

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

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...

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...

AA Insurance owner warns of premium increases
Suncorp, which owns a 50 per cent stake in AA Insurance, has warned of premium increases as it battles rising costs from repairing damaged cars and houses as well as an increase in the EQC levy.The New Zealand arm of the ASX-listed...

West eases efforts to restrict Russian oil trading as inflation and energy risks mount
European governments have eased back on efforts to curb trade in Russian oil, delaying a plan to shut Moscow out of the vital Lloyd's of London maritime insurance market and allowing some international shipments amid fears of rising...

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

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...

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)...

Placed on hold? The story behind the song you're forced to listen to
How are you spending August? Feet up by the pool, sipping something refreshing? Or has there been a snag: Flight cancelled? Luggage lost? Insurance claimed? Indeed, has anything gone wrong with any product or service that you cannot...