Welcome to our final edition of Cover to Cover for 2024, our publication for New Zealand insurance professionals.
In this issue, we begin with an update on the Contracts of Insurance Bill. The Bill is aimed at modernising and consolidating New Zealand’s insurance legislative regime and proposes significant changes to the existing law in important areas. We break down the recent report from the Finance and Expenditure Select Committee, which highlights important revisions following public consultation and explores what these changes could mean for insurers and brokers.
Next, we turn our attention to the ever evolving cyber risk environment and the increasing risk of ‘innocent’ cyber failures. While cyber crime remains a priority for businesses, we explore this less obvious but equally critical threat, of which an example is the recent CrowdStrike failure.
We then outline key insights from a keynote address that our firm sponsored on the intersection between climate change and insurance, delivered by Dr Franziska Arnold-Dwyer, a leading expert in sustainable insurance, at the New Zealand Insurance Law Association conference.
We analyse New Zealand’s first year of mandatory climate-related disclosures. Many licensed insurers were recently required to lodge climate statements under the new regime. We provide a snapshot of key trends and observations from the disclosures made to date.
Finally, we look at recent impactful cases, including a case on subrogation and the application of the “top down” principle to the allocation of recoveries, and a review of limitation cases that are noteworthy for both insurers and insureds.
We hope you find this issue informative and thought-provoking.
This issue is available in PDF or individual articles below:
Regulatory update: Select Committee proposes important changes to the Contracts of Insurance Bill
Beyond cyber crime: The increasing risk of ‘innocent’ cyber failures
Insights from the NZILA Conference: Insurance, climate change and the law
Key insights for insurers: The first wave of climate statements
Case study: Subrogation clarified
2024: A good year for ’technical’ limitation defences
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