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Insurance

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Five days to go...Navigating Change Conference Early-bird Closes on Friday 30 June

26 Jun 17 - Financial Services Council and Workplace Savings NZ are delighted to announce the launch of the updated conference program Navigating Change Conference 7-8 September 2017 Auckland Hilton Hotel

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Government response to review of retirement income policies

15 Jun 17 - New Zealand Government: The Government has today released its response to the Retirement Commissioner’s review on retirement income policies, Commerce and Consumer Affairs Minister Jacqui Dean says.

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Financial Services Council Awards 2017 open now

15 Jun 17 - Financial Services Council: Celebrating success in the financial services industry, we're excited to bring you the industry awards. This is a great opportunity to celebrate and showcase excellence and give us all a chance to celebrate success, learn from our peers and find ways to deliver great consumer outcomes within the financial services industry.

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Financial Services Council June 2017 newsletter

15 Jun 17 - The latest Financial Services Council June 2017 newsletter. 

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Book Now! Early bird registration for Navigating Change conference closes 30 June 2017

9 Jun 17 - Early bird registrations close on 30 June 2017 for the inaugural Financial Services Council and Workplace Savings NZ national conference. Navigating Change  7– 8 September 2017 Hilton Hotel, Auckland

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AIA appoints new boss

9 Jun 17 - Good Returns:  The company has today announced its new executive general manager to replace Natalie Cameron who returned to Australia earlier this year.​​​​​​​

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AIA Joins the Financial Services Council

9 Jun 17 - FSC Media Release: The Financial Services Council announced today that AIA has joined the association, bringing the total number of members to 16 members and 14 Associate members. Financial Services Council Chief Executive Richard Klipin said, ‘We are pleased to welcome back AIA to the Financial Services Council. The Industry is going through rapid change and AIA is an important part of the New Zealand Life insurance landscape.’

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Rebecca Sellers says conduct by insurers is effectively unregulated and the IMF is calling for some protection for consumers, at least up to Australian levels

17 May 17 - Interest.co.nz: Conduct of business by insurers is in the spotlight. The International Monetary Fund assessment of New Zealand’s financial sector (IMF Report) identified gaps in the regulation of insurance.

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RBNZ: Insurance Industry Update May 2017

11 May 17 - Reserve Bank of New Zealand: The purpose of the Insurance Industry Update is to keep licensed insurers informed of current initiatives and to provide clarification on licensing, supervision, compliance requirements and related matters. The update is prepared by the Reserve Bank’s Insurance Oversight Team. It is not policy or legal advice in itself and should not be interpreted in isolation.

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Diana Clement: More to income protection than just ACC

11 May 17 - New Zealand Herald: Worth seeking advice from financial adviser who specialises in insurance.

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FMA: IMF NZ FSAP Assessment 2017

11 May 17 - Financial Markets Authority: IMF NZ FSAP Assessment 2017. The FMA today welcomes the publication of the International Monetary Fund’s Financial System Stability Assessment (FSSA) for New Zealand.

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Launch of Navigating Change national conference

4 May 17 - Financial Services Council (FSC) and Workplace Savings NZ (WSNZ) are proud to announce the launch of the inaugural national conference.

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Willis Towers Watson creeps towards funds management model

1 May 17 - InvestmentNewsNZ: Willis Towers Watson is morphing into a fund manager, just as its main global competitors have done. And it is going to try to do it as a seamless offering in a spectrum of services for big super fund clients. Good luck with that.

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AMP Capital wins new money from Cigna Life

1 May 17 - InvestmentNewsNZ: Cigna Life Insurance NZ has handed AMP Capital a local fixed income mandate of more than $100 million.

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Recommended by Re-imagining insurance

1 May 17 - Stuff.co.nz: Sovereign chief executive Nick Stanhope has just celebrated his first anniversary in the job. It's his first role at the top of an organisation but he says he is loving the challenge of trying to innovate an industry selling something most of us hope never to need.

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Want to live til you're 90? Better live like a life insurer

24 Apr 17 - Stuff: The life and health insurance industry used to be an unhealthy industry to work in. Long hours, a drinking culture, and socialising with insurance advisers took its toll on the waistlines and fitness of the male-dominated industry.

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Ballantyne: Advice businesses should be more businesslike

21 Apr 17 - Goodreturns: Insurance advisers should take some tips from other industries when it comes to investing in their own practices, Partners Life's managing director says.

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IPSA Review – Issues paper

21 Apr 17 - Melville Jessup Weaver: The Reserve Bank has releasedd an issues paper for the review of the Insurance (Prudential Supervision) Act 2010 in light of the experience of insurers (and other stakeholders). 

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Youi beats IAG as ‘worst transnational’ in NZ

12 Apr 17 - Insurance Business: South African insurer Youi has been recognised as the “worst transnational corporation operating in Aotearoa/New Zealand” in 2016; while last year’s winner IAG/State Insurance scooped second place, Pacific Media Centre reported.

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ANZ keen to keep KiwiSaver business

10 Apr 17 - Interest.co.nz: When the ANZ Banking Group gets around to "considering" the future of its New Zealand wealth unit, one thing it won't be doing is selling its KiwiSaver business, CEO Shayne Elliott says.

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Insurer IAG buys 'telematics' company

7 Apr 17 - Stuff.co.nz: Insurer IAG has bought a company specialising in vehicle "telematics", but it may be some time before the technology is offered outside of the commercial arena.

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Comparative Approaches to Genetic Discrimination

5 Apr 17 - Trends in genetics: Genetic discrimination (GD) is one of the most pervasive issues associated with genetic research and its large-scale implementation. An increasing number of countries have adopted public policies to address this issue. (Academic research)

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RBNZ considers whether to take a more 'graduated approach' in monitoring insurers' solvency

3 Apr 17 - Interest.co.nz: RBNZ considers whether to: take a more 'graduated approach' in monitoring insurers' solvency, make insurers disclose as much information as banks, and require all insurers that operate in NZ to be locally incorporated.

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RBNZ: Input Sought on Insurer Law Review

31 Mar 17 - The Reserve Bank of New Zealand has  published an issues paper for its review of the Insurance (Prudential Supervision) Act 2010 (IPSA).

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AIA New Zealand appoints new CEO

22 Mar 17 - Goodreturns: Graeme Edwards has been appointed acting CEO of AIA New Zealand as Natalie Cameron leaves the company.

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IAG NZ warns of new flood risk

20 Mar 17 - Insurance Business: New Zealand’s biggest insurer is warning against contaminated and dangerous properties, as it reported logging more than 1,200 claims from the heavy rainstorm and flooding that hit northern parts of the North Island over last weekend.

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After the Fed: What some top bond-fund managers are saying

20 Mar 17 - NZ Herald / AP: Rising rates don't have to mean despair for bond-fund investors.Yes, the Federal Reserve raised short-term rates Wednesday, the latest move higher in what economists expect to be a long campaign. Bond investors have historically seen rising rates as the enemy because they result in falling prices for the bonds they own.

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Psychiatrists call for government review on insurers

10 Mar 17 - Interest.co.nz: Psychiatrists call for government review on the way life insurers treat people with mental illness; Underwriter explains extent to which industry goes to fairly assess possible risks of mental illness.

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Suncorp argues 'Me Too'

6 Mar 17 - Interest.co.nz: Suncorp argues if the ComCom allowed IAG to acquire AMI and Lumley, it's only fair it approves its application to take over Tower.

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Insurer IAG claims social media first for NZ

3 Mar 17 - Insurance Business: IAG says it has achieved a New Zealand first and possibly an Australasian first too with its ability to offer ‘end to end’ social media customer service.

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Call to change insurance law to stop 'ruined lives'

3 Mar 17 - Stuff: New Zealand needs a law change to stop people "ruining their lives" by not disclosing relevant information to their insurers, the Insurance and Financial Services Ombudsman says.

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Tactical calls have harmed LifeDirect

2 Mar 17 - Goodreturns: “Tactical calls” have harmed LifeDirect but Trade Me is not giving up on the insurance platform, the group’s chief executive says. In reporting its first-half profit this month, the online auction website reported a year-on-year decline in revenue of 11.3% for LifeDirect, caused by a drop in traffic.

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Suncorp CEO ‘simply wrong’

27 Feb 17 - Insurance Business Magazine: Insurance academic Dr Michael Naylor has spoken out about the takeover bid for Tower that Suncorp has proposed this week, saying while it may be good for Tower shareholders, it would be bad for NZ consumers.

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Suncorp makes bid for TOWER

24 Feb 17 - Interest.co.nz: New Zealand's second largest general insurer aims to increase its market share to 30%, offering to pay more than 'Canada's Berkshire Hathaway' to buy Tower.

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Russell exits Australasian actuarial practice

20 Feb 17 - InvestmentNewsNZ: Russell Investments in Australia is exiting the actuarial part of the industry, announcing last week that it has sold its Australian and New Zealand actuarial practice to Willis Towers Watson. The deal involves the transfer of 22 actuarial staff.

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MJW compiles insurance industry financial statements

20 Feb 17 - MJW has compiled a library of all the financial statements for every insurer licensed to operate in New Zealand.

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Sovereign: Don't wait for law to change

17 Feb 17 - Goodreturns: Sovereign’s new distribution boss says the upcoming Financial Advisers Act review is likely to simply make clearer obligations that already exist for insurance brokers.​​​​​​​

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Insurers ponder cover for retirees

17 Feb 17 - Goodreturns: Insurers are wrestling with how to offer insurance to New Zealanders holding larger amounts of debt later in life, says the Commission for Financial Literacy. 

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Partners Life joins the FSC

17 Feb 17 - The Financial Services Council announces that Partners Life has joined the association, bringing the total number of members to 15 members and 14 Associate members. 

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Is that really advice?

15 Feb 17 - Goodreturns.co.nz: What ordinary people think is advice, what we think advice is, and what the law defines as financial advice vary a bit. So what is advice? Does it matter if your client knows?

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Record $1.136b in health insurance claims

15 Feb 17 - Health insurers funded an additional $100 million in healthcare in 2016 as more Kiwis took out health cover, according to the latest figures from the Health Funds Association (HFANZ).

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TOWER takeover by Canada's Fairfax

10 Feb 17 - Interest.co.nz: Tower board, major shareholders back $197 million takeover bid from Canada's Fairfax Financial Holdings touted the 'Berkshire Hathaway of Canada'. Tower's share price rises as trading resume.

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Suncorp's NZ brands suffer profit drop

10 Feb 17 - Sharechat: Suncorp Group's New Zealand insurance units posted a 57 percent decline in first-half profit, mainly reflecting the Kaikoura earthquake and additional 'over-cap' claims from the 2010/11 Canterbury earthquakes.

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Timetric: Non-Life Insurance Key Trends

8 Feb 17 - Timetric's 'Non-Life Insurance in New Zealand Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the New Zealand non-life insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts. Yahoo.

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FMA faced conduct criticism

8 Feb 17 - Goodreturns: The Financial Markets Authority was told its early draft of a conduct guide for market participants was both too prescriptive, and not prescriptive enough. There were a number of clear themes among the submissions received.

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Business claims top $653m from earthquake

3 Feb 17 - Reuters: New Zealand businesses have made insurance claims of more than NZ$900 million ($653.49 million) for losses from the earthquake that rocked the capital city of Wellington in November.

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Partners Life appoints new chairman

27 Jan 17 - Scoop: Life, a life insurance company whose owners include private equity firm Blackstone, has appointed Jim Minto as its new chairman. Minto will replace Sam Knowles, who will stay on as a director for both Partners Life and its immediate parent Partners Group Holdings.

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An expert's guide to Trumponomics

25 Jan 17 - The Economist: A leading economist has issued stark warnings about the Trump era and its impact on the American and global economy. 

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Nigel Latta to bring primetime financial advice

25 Jan 17 - Kiwibank is taking financial advice mainstream in a new series called Mind Over Money with Nigel Latta, a fully funded series centred on the psychology of money. StopPress.

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Tourists should get insurance not ACC

20 Jan 17 - Newstalk ZB: Pay up, says Bernadine Oliver-Kerby to tourists taking advantage of our ACC system.

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About us

The Financial Services Council (FSC) represents investment and life insurance companies in New Zealand.

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Services

Contact us

Ph: +64 09 985 5762

Email: fsc@fsc.org.nz

Level 33, ANZ Centre,
23-29 Albert Street, Auckland 1010

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