Primesure Newsletter: July 2024
Kia ora and Welcome to our July newsletter
This year is truly flying by which is great for the survive to 25 theorist.
New Zealand Market News
Pricing on the commercial insurance side seems to be flattening out from the large increases last year and we are seeing Insurance Companies becoming a bit more flexible with terms.
Domestic wise, NZI are applying some large increases so we are being kept busy with remarkets for many clients.
From 1st July the Fire and Emergency Government charge on some policies has been increased by around 13%.
International Market News
Research in Australia reveals house and contents premiums increased between 28% and 50% in flood-prone areas where insurance is available; in some areas insurance is not available at all. About 12% of Australian households pay the equivalent of one month’s gross income for house insurance.
For the United Kingdom, a Financial Times article in April 2024 reported that the median cost of home insurance rose by 36% in 2023. The report explained that higher building costs and extreme weather events are largely the cause of these increases.
The home insurance market in parts of the USA is “crumbling” with insurers withdrawing from states where the weather and wild fire risk is high. Consequently premiums are escalating. One example cited in the linked article describes a year-on-year premium increase of 208% for a modest home in New Orleans - the new annual premium was approximately NZD $8,000.
Other Primesure updates
We go live on our new system in September which will be a huge help especially on the Domestic side. Many of you would have seen change in the data collection and the renewal process for Domestic Covers. While this does take a bit more time is has been essential to collect as much data as possible and will improve our service offering in this area.
System changes can cause some disruption so we have been preparing for the changes and getting more resources allocated in this area. We have no doubt this will benefit both ourselves and ultimately you our clients.
Cheers,
Cameron Hollis
Fun Facts
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A cloud weighs around a million tonnes. A cloud typically has a volume of around 1km3 and a density of around 1.003kg per m3 – that's a density that’s around 0.4 per cent lower than the air surrounding it (this is how they are able to float).
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Giraffes are 30 times more likely to get hit by lightning than people. True, there are only five well-documented fatal lightning strikes on giraffes between 1996 and 2010. But due to the population of the species being just 140,000 during this time, it makes for about 0.003 lightning deaths per thousand giraffes each year. This is 30 times the equivalent fatality rate for humans.
Client focus:
Norwest Chiropractic
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