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2020 NZ Insurance Market Update

Dealing with pandemic impacts

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COVID 19 Coronavirus

August 5, 2020

A long-term strategy to managing and mitigating risk the way forward for New Zealand businesses.

While Insurance Council metrics have shown the best ratios for the New Zealand industry in many years, there are few other positives to note about the insurance market as we, like the rest of the world, continue to deal with the social and economic impacts of COVID-19.

Having said that, the current state of the market should not be a surprise or significantly impact clients who have developed a long-term strategy to managing and mitigating risk, and understand it is an investment in their organisation rather than a cost. Willis Towers Watson’s initial standpoint has always been to work with our clients to ensure that insurance is viewed through this lens, to help protect their companies through the current economic conditions and into the future.

COVID-19 has affected all businesses to some extent, as well as insurance classes. For organisations that view insurance as a cost, these are sobering times. Cost base organisations will be viewed by insurers as short-term transactional buyers and will suffer accordingly in the marketplace either by significantly increased premiums, reduced capacity or, in a worst case scenario, no insurance at all. In today’s conditions, this is clearly unacceptable.

Therefore, in a hardening insurance market of reduced capacity and higher premium costs, we are redoubling our efforts to ensure clients understand the new imperatives of attracting the right level of cover for their businesses. Our insurer partners expect the best underwriting submissions, based on the best information to ultimately provide you with the best price and terms and conditions for your risks.

Our Insurance Market Update gives you valuable insights across all the insurance classes we offer in New Zealand.  At Willis Towers Watson we work with our clients to help them develop a holistic view of risk and how to make the best decisions that lead to the most optimal outcomes for their organisations. Our message to clients remains consistent; to ensure that they get the best outcome for their business and maintain the right levels of cover, it means early and strong engagement well in advance of renewal dates and treating insurance as an investment in their business.

For any media enquiries please contact Michelle Dunner and Tina Vogdanos per the details below:

Contacts

Michelle Dunner
Marketing & Communications Consultant

Tina Vogdanos
Marketing & Communications Consultant

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WTW 2020 New Zealand Insurance Market Update PDF 16.9 MB
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