New Zealand’s insurance industry is poised for major changes with the implementation of the Natural Hazards Insurance (NHI) Act. The new legislation aims to streamline claims processes and improve collaboration among the Natural Hazards Commission Toka Tū Ake (NHC), claims managers, and insurers.
Todd Niccol, Operations Manager at Gallagher Bassett New Zealand, stated that the NHI Act will simplify procedures, clarify eligibility for multi-unit buildings, and define key terms for better accessibility. The Code of Insured Persons’ Rights, effective from July 1, 2024, will further formalize the rights of insured individuals and introduce new settlement entitlements and dispute resolution mechanisms.
To adapt, insurers must update their claims handling processes and train staff accordingly. Gallagher Bassett is investing in technology like drones and 3D modeling tools to enhance efficiency. New loss adjusting and claims management systems will also facilitate improved data sharing and reporting.
