Insurance updates

Cyber risk: a changing landscape
26 Jun 20

It has been reported that the latest ransomware attack against the brewer, Lion Australia, came with a demand for US$800,000. Is the recent spate of cyber attacks in Australia a cause for concern here in NZ? And how well prepared are businesses for this threat? ...

Coronavirus: Headline thoughts for New Zealand businesses
5 Feb 20

The novel coronavirus is giving the world a major scare. There is no doubt that it is also going to present New Zealand with an economic speedbump this year.  Many businesses are already experiencing the direct impact of coronavirus. We have seen some exports to ...

Government to review insurance contract law
15 Mar 18

The Ministry of Business, Innovation and Employment (MBIE) has announced plans to conduct a review of insurance contract law in mid-2018. In a statement released on 6 March 2018 MBIE, who will be responsible for undertaking the review, expressed concerns that New Zealand's current insurance ...

Are Canterbury earthquake claimants running out of time?
2 Feb 16

The sixth anniversary of the Canterbury September earthquake is fast approaching. With it, comes another worry to add to the anxiety and uncertainty facing those who have not yet resolved insurance issues arising from that earthquake and those that followed. Under limitation law, there is ...

Supreme Court dismisses Southern Response Appeal
31 Jul 15

The Supreme Court has released its decision in Southern Response v Avonside Holdings Limited and dismissed the appeal by Southern Response.  This decision clarifies what must be included when an insurer is calculating the notional cost of rebuilding an insured property. Background A residential property ...

EQC Gets Its Own Shake-Up
9 Jul 15

Despite initial comments from Earthquake Recovery Minister Gerry Brownlee that any changes to New Zealand's Earthquake Commission ("EQC") scheme would be minor, proposals released yesterday (Monday 6 July) on the back of the Government ordered review, suggest it may be in for its own shake-up. ...

Another victory for homeowners – the Supreme Court clarifies how cash payments are to be calculated
3 Feb 15

The Supreme Court decision, Tower Insurance Limited v Skyward Aviation 2008 Limited [2014] NZSC 185, released late last year, provides some clarity about how cash payments by insurers are to be calculated where the insured holds a full reinstatement insurance policy. Skyward Aviation 2008 Limited ...

Court of Appeal clarifies Notional Rebuild Costs
17 Oct 14

Many insurance policies allow either the insurer or the insured whether to elect to rebuild damaged premises on the same site, or purchase a new house elsewhere provided that the cost of the new house does not exceed the cost of rebuilding on the insured's ...

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Richard Greenaway