Latest news with #NZI
RNZ News
7 days ago
- Business
- RNZ News
IAG's insurance profit rises as claims costs fall
IAG says New Zealand's weather conditions have been "relatively benign" in the past year. File photo. Photo: RNZ / Cole Eastham-Farrelly The country's biggest insurer IAG's full-year insurance profit has increased by a third as its margins and premium income rose, while claims costs fell. The Australian company, which operates the AMI, NZI and State insurance brands, delivered an insurance profit of A$606 million (NZ$664m) in the 12 months ended June, compared to A$457m ($501m) a year ago. In New Zealand dollar terms, gross written premium increased 1.7 percent to $4.17 billion, and its insurance margin was 27.4 percent, compared to 22.5 percent a year ago. IAG said homeowner premium rates increased by more than 10 percent as it increased prices, while private motor premium decreased slightly. Claims expenses were also down 3 percent to A$1.1b ($1.2b). The combined trans-Tasman business posted an after-tax profit of $A1.36b ($1.49b), up 51 percent from a year ago. Commenting on the overall result, chief executive Nick Hawkins said the company had strong momentum throughout the year. "By delivering on our strategy and investing for growth, we can execute at scale and are set to protect significantly more Australians and New Zealanders," he said. "This year, Australia experienced weather conditions broadly in line with expectations, while New Zealand was relatively benign," he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
1News
30-06-2025
- 1News
Chch employer sentenced after falsely stating worker was visiting relative
A Christchurch employer has been sentenced to four months' home detention after providing false information to Immigration New Zealand stating an employee was their visiting relative. New Zealand Immigration (NZI) said the employer, Ava Young, pleaded guilty to two charges of providing false or misleading information to Immigration New Zealand, and one charge of aiding and abetting the breach of visa conditions. Young had recruited a Thai national from overseas, and facilitated her entry into the country on a visitor visa. For the job and the visa, Young charged the individual NZ$7500 – a debt she owed to Young. Despite this, NZI said the individual never held a visa allowing her to work in New Zealand. After the employee arrived in Auckland in March 2024, she was informed by Young she would be living and working there. Young then took photos of the individual to advertise her services from the premises which Young managed. ADVERTISEMENT NZI said later the same day, the individual then received a message from Young which said a client was coming to see her. "The message was an appointment for the individual to have sex with a client and included the time, cost and duration of the service," NZI said. The individual was charged a 35% fee on her earnings, along with rent and expenses. Young also kept a schedule of the debt, which NZI said she would "regularly send" to the individual. At the direction of Young, the individual provided massage and sex services at various Auckland addresses until June 2024, when she stopped working for Young after clearing her debt. An investigation was launched by the Ministry of Business, Innovation and Employment (MBIE) after receiving a complaint which said a female Thai national was breaching her visa conditions and was being "forced to work in a massage parlour and provide sexual services to clients". Six search warrants were carried out across Auckland and Christchurch, resulting in Young's arrest. NZI general manager of immigration investigations and compliance, Steve Watson, said the case "represents a serious breach of trust and responsibility". ADVERTISEMENT 'Their actions compromised the integrity of New Zealand's immigration system. 'The individual arrived in New Zealand expecting legitimate work opportunities, but was instead misled and treated in a manner that was both unlawful and deeply unfair." The court determined the offending was serious, but applied sentencing discounts for an early guilty plea, previous good character, and also took account of the defendant's personal circumstances. It determined a non-custodial sentence with strict conditions would still hold Young accountable. Young was then sentenced to four months' home detention. 'The individual arrived in New Zealand expecting legitimate work opportunities, but was instead misled and treated in a manner that was both unlawful and deeply unfair," Watson said. 'Immigration New Zealand remains committed to identifying, investigating, and holding to account those who take advantage of others for personal gain."
Scoop
16-06-2025
- Business
- Scoop
AMI, State And NZI 2025 Climate Poll: New Zealand At Climate Change Crossroads
New Zealanders want more action to keep insurance affordable in the face of climate change. New Zealanders are expecting more extreme weather events as a result of climate change. They want more to be done to reduce the risks and costs of these events to help keep insurance affordable and available. According to the latest climate change poll from AMI, State, and NZI, 90% of New Zealanders anticipate more extreme storms, 89% foresee more frequent and intense flooding, and 88% expect coastal flooding due to rising sea levels. Amanda Whiting, CEO of AMI, State and NZI says: 'Recent and regular weather events are still fresh in people's minds and continue to have a profound effect on the country, highlighting for many the very real impact that our changing climate is having on our communities.' As New Zealanders brace for a future shaped by more frequent and severe climate events, many expect the cost of these events to be reflected in insurance premiums. However, they only want to pay for the risks they themselves face: · 60% agree that insurers should raise premiums for those that face more risk. · 45% say that people only paying for the risk they face is the fairest way to set premiums, with 10% saying that everyone paying the same regardless of the risk they face is fairest. · 71% say they accept that they will have to pay more for their insurance if they live in a high-risk location, but only 17% say they are willing to subsidise the insurance of people who live in high-risk locations. · 60% of people agree that insurers should focus on incentivising risk reduction by making it more difficult or more costly to insure in high-risk areas. 'New Zealanders understand that increased risk leads to higher insurance costs and that greater use of risk-based pricing is the fairest way to reflect those costs in people's premiums. However, New Zealanders' desire for greater risk-based pricing and the incentives it creates to reduce risk is matched by a desire to keep people insured, reflecting the importance people place on insurance. · 74% of people agree that insurers should focus on keeping as many homes insured as possible amidst growing climate hazards. · 87% of people agree that house and contents insurance is important to have. 'Continuing to meet people's expectations of fair pricing while keeping our most exposed communities insured will become ever more difficult to achieve without urgent and significant risk reduction. 'We are fast approaching a crossroads and need to make an important decision about which path we take,' says Amanda. 'We can commit to reducing risk and investing in resilience and adaptation to help keep insurance available and affordable for as many people as possible. Or we can keep doing what we are doing and risk rising costs, reduced coverage, and the possibility that some homes may become too risky or expensive to insure.' New Zealanders want to see more action to reduce the risk of climate change hazards. · 80% say we should do more to modify our environment to fit in with the impacts of climate hazards. · 77% say we should do more to avoid or reduce development in high-risk locations. · 77% say we should do more to make buildings and infrastructure more resilient to the impacts of climate hazards. 'The need for action is clear. New Zealanders want to see smarter decisions about where and how we build and more investment in infrastructure and natural solutions to protect our homes, businesses and communities. 'Ultimately, if we want to keep people protected, we need to address the underlying risks. That means acting decisively, together, and with urgency. Reducing risk is the fairest and most durable way to ensure we can continue to insure as many New Zealanders as possible.' *The survey of 1,001 people was commissioned by IAG New Zealand and conducted by Ipsos Ltd in May 2025. The survey has a margin of error of ± (plus or minus) 3.1 per cent.
Scoop
08-05-2025
- Business
- Scoop
Entries Open For 2025 Sustainable Business Awards
Press Release – Sustainable Business Network Finalists of the Sustainable Business Awards form the Next list an annual list of innovators, entrepreneurs, projects and organisations leading us towards a better future. In 2024, there were 95 organisations and people on the list (the … Entries are now open for the 2025 Sustainable Business Awards, New Zealand's pre-eminent sustainability awards. Now in their 23rd year, the Awards celebrate outstanding innovation and leadership in sustainability. Entry is free and open to all. Rachel Brown ONZM, CEO and founder of the Sustainable Business Network, which runs the Awards, says: 'For more than two decades, these awards have recognised people and organisations leading the charge. 'Sustainability alone isn't enough – and that's why these Awards have evolved to showcase those driving bold action and groundbreaking innovation. 'We're looking for a rich diversity of entrants – not just across sectors like construction, energy, food and mobility, but in the way organisations approach sustainability,' she says. 'That includes a range of business models and the integration of te ao Māori perspectives. We need to support sustainable innovators to help them grow and inspire others.' NZI, the Principal Partner of the Sustainable Business Awards, is dedicated to building a prosperous, sustainable Aotearoa New Zealand. Garry Taylor, NZI executive general manager, says: 'NZI is proud to support emerging leaders and solutions that showcase the very best in sustainable innovation'. Finalists of the Sustainable Business Awards form the 'Next' list – an annual list of innovators, entrepreneurs, projects and organisations leading us towards a better future. In 2024, there were 95 organisations and people on the list (the 'Next 95 '), selected by a panel of independent judges. Rachel says those on the Next list are bringing potentially groundbreaking new ideas across multiple sectors: 'Anyone can have the chance to get on the coveted Next list, or even win, and one simple entry form is all it takes!' The Award categories are: Disruptive Innovation – groundbreaking products, services, technologies or business models designed with sustainability and circular economy principles at their core. Transformational Leadership – visionary leaders (individuals or teams) championing long-term, transformational changes towards a regenerative circular economy. Entries close on 27 June 2025. The winners will be announced at a celebration in November.
Scoop
08-05-2025
- Business
- Scoop
Entries Open For 2025 Sustainable Business Awards
Entries are now open for the 2025 Sustainable Business Awards, New Zealand's pre-eminent sustainability awards. Now in their 23rd year, the Awards celebrate outstanding innovation and leadership in sustainability. Entry is free and open to all. Rachel Brown ONZM, CEO and founder of the Sustainable Business Network, which runs the Awards, says: 'For more than two decades, these awards have recognised people and organisations leading the charge. 'Sustainability alone isn't enough – and that's why these Awards have evolved to showcase those driving bold action and groundbreaking innovation. 'We're looking for a rich diversity of entrants – not just across sectors like construction, energy, food and mobility, but in the way organisations approach sustainability,' she says. 'That includes a range of business models and the integration of te ao Māori perspectives. We need to support sustainable innovators to help them grow and inspire others.' NZI, the Principal Partner of the Sustainable Business Awards, is dedicated to building a prosperous, sustainable Aotearoa New Zealand. Garry Taylor, NZI executive general manager, says: 'NZI is proud to support emerging leaders and solutions that showcase the very best in sustainable innovation'. Finalists of the Sustainable Business Awards form the 'Next' list – an annual list of innovators, entrepreneurs, projects and organisations leading us towards a better future. In 2024, there were 95 organisations and people on the list (the 'Next 95'), selected by a panel of independent judges. Rachel says those on the Next list are bringing potentially groundbreaking new ideas across multiple sectors: 'Anyone can have the chance to get on the coveted Next list, or even win, and one simple entry form is all it takes!' The Award categories are: Disruptive Innovation – groundbreaking products, services, technologies or business models designed with sustainability and circular economy principles at their core. Transformational Leadership – visionary leaders (individuals or teams) championing long-term, transformational changes towards a regenerative circular economy. Entries close on 27 June 2025. The winners will be announced at a celebration in November. To find out more, or to enter the Sustainable Business Awards, go to
