In our latest issue of Cover to Cover, we invite you to look back on the year that was and consider trends affecting the insurance sector that we may experience in 2023.
To cap off a welcome return to normality post-Covid, two of our editors, Andrew Horne and Nick Frith, recently enjoyed the NZILA conference in Queenstown. The topics included a fascinating keynote address by the Hon Rhys Harrison KC, a panel update on directors’ and officers’ liability insurance, and a spirited debate on developments in litigation funding and class actions. It was fantastic to reconnect with friends and colleagues from across the industry. We are looking forward to more in-person functions, which are the lifeblood of social networks in the insurance industry.
In our final issue of Cover to Cover for 2022, we discuss the future of insuring polluters in an age of increasing social regulation and environmental advocacy. Climate change activists, frustrated at a lack of progress from targeting large emitters directly, are targeting insurers and other financial services firms that provide services to emitters. Large financial services firms are generally more susceptible to threats to their brand and other societal pressures than large emitters and they are not wholly reliant upon carbon-intensive industries for their profits.
We see three key areas where the insurance industry may play a role in reducing climate change, all of which are critically analysed in this issue of Cover to Cover.
A new trend is emerging that sees international brokers setting up offices in New Zealand, blurring the line between insurers and brokers. We discuss the global players entering the New Zealand market and the implications for local firms.
We look at changes to the businesses that provide insurance products in an age of increasing regulatory scrutiny. Our trading banks, for instance, have been selling off their life insurance and related businesses.
This change follows increased scrutiny of life insurance and related products and the way in which they are marketed and sold.
On the regulatory front, we also examine how insurers are exposed to risks where they have not indexed or otherwise adjusted premiums and sums insured strictly in accordance with representations made to their customers.
We also provides updates on the unfair contract terms regime and class actions.
We hope you find this issue thought-provoking.
This issue is available in PDF or individual articles below:
- The future of insuring greenhouse gas emitters
- The present and future of class actions
- Unfair contract terms regime: What this could mean for insurers
- Case study: Pushing the boundaries of exclusions
- Changes in New Zealand’s insurance market
- Case study: The importance of clear policy drafting
- When indexation goes wrong
- Non-insurers retreat from the insurance market
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