Annual Review 2009 - Insurance Council of New Zealand

In the area of disaster response, 2009 saw a relatively
benign year for claims as a result of fewer weather-related
events. We are all acutely aware that this can change at any
time, and also the increasing incidents of earthquakes kept
the industry on their toes, and continually aware of the
risks that climate and seismic events can create both for
our customers and our reputation.
The recessionary effects of the global financial crisis saw
an increase in fraud throughout the industry, and the
Insurance Council’s Fraud working group was actively
engaged in addressing this issue.
In addition we saw an increase in fires around both
domestic and commercial dwellings which had a huge
cost for the industry, and committee members were also
engaged on this matter.
A wide range of media outlets are now including insurance
as part of their services and regular commentary. The
Insurance Council worked with a number of websites and
other media that have broadened their business coverage
into specifically addressing the issues of insurance, rather
than including insurance under the financial banner. This
has been both a help to the industry and a challenge to us
in the Council assisting with a greater understanding of
insurance within the media. We have worked very closely
with other industry associations on both this matter and
also on the areas of regulation.
In one or two areas we have submitted joint submissions,
with the approval of the membership, to strengthen the
industry’s position, and this is an area where in the future
we will look to, where possible, increase this co-operation
between the industry associations.
I would like to thank the President and Board for their
enormous input to the work of the Council during 2009.
I would also like to specifically, and very sincerely, thank
the enormous effort put in by staff of the Insurance
Council, Members, and some of our colleagues in
the wider industry, in contributing to the work of the
committees, working groups, regulatory input and other
activities of the Council.
2010 and 2011 will see a continuation of the delivery of the
new regulatory environment for the insurance industry,
and no doubt will bring with it continuing challenges to
our work in the Council. We are very proud to represent
the New Zealand insurance industry and will continue
to provide a better understanding of the benefits of a
sustainable and successful insurance industry to a wide range
of customers, community and New Zealand economy.
Chris Ryan
Chief Executive
Insurance Council of New Zealand
In the area of disaster
response, 2009
saw a relatively
benign year for claims
as a result of fewer
weather-related
events.