Weekly Wrap: Marsh colleagues achieve NZ first

Weekly Wrap: Marsh colleagues achieve NZ first | Insurance Business

Weekly Wrap: Marsh colleagues achieve NZ first
Marsh colleagues achieve NZ first
Two Marsh brokers have become the first two New Zealanders to receive accreditation on cyber resilience in this country.

Xavier Marginaud and Chris Beh achieved the accreditation from the AXELOS Global Best Practice Institute. The training and certification provides a management system and framework for organisations to adopt cyber resilience best practice and for individuals to learn how to effectively prevent, respond to and recover from cyber-attacks.

Over the last 18 months, Marsh has been holding seminars and developed a series of videos to help educate clients about the impacts of cyber risks to their organisations.

Fred Boles, general manager FINPRO (Financial & Professional Liability), said: “We are thrilled that Xavier and Chris have received this accreditation, which provides another level of expertise to our clients.

“Data breach, cyber extortion and crime have increased very significantly in the last 12 months, prompting companies to seek more and more guidance in order to identify and mitigate cyber risks.

“The accreditation also truly cements our position as the leading advisor in cyber risk and insurance in New Zealand.”
The cyber resilience training is run in 150 countries by AXELOS – a joint venture company, created in the UK by the Cabinet Office on behalf of the Government and Capita plc.
Tower assess Winston bill in Fiji
Kiwi direct insurer Tower has revealed its maximum exposure to Cyclone Winston, which hit Fiji last week, is $7.2 million.

The company said it was still in the early stages of assessing the impact but due to power and communication outages in Fiji it could not yet share a thorough understanding of the extent of the damage, and therefore the financial implications.

CEO Richard Harding said the company’s immediate thoughts were with the people of Fiji, especially those who had lost loved ones, and its focus was on assisting its affected customers to get their homes and businesses restored.

The company said it had a significant reinsurance program in place, which would contribute to reducing Tower’s exposure to the event but that would kick in once the excess of NZ$10 million had been surpassed.

“Therefore the possible maximum impact is $7.2 million after tax,” Tower said.
Biggest ever insurance settlement is paid out
The Christchurch City Council has received its full and final net payment of $605 million from its insurers for the 2010/2011 Canterbury earthquakes, the Council has stated.

The settlement was for $635 million, before deductions for the excess and payments to third parties, but was still about $80 million higher than the Council had budgeted.

The cash payout is on top of the $201 million paid in 2012 by the Local Authority Protection Programme Disaster Fund for damage to below-ground assets, and the settlement with the EQC for earthquake damage of $59.4 million. All three payments are net.

The Council’s CFO, Peter Gudsell, said the payment had settled more than 1,600 individual claims lodged by the Council.

“There’s no greater certainty than having the money in the bank. Given that the Council has given the organisation a very clear mandate to prepare a draft budget that reduces the level of rate increases, settling our insurance claim allows us to plan with confidence,” Gudsell said.
CBL announces new Mexican licences
Kiwi insurer CBL has announced its investment in Mexican Bonding & Surety insurer Afianzadora Fiducia has qualified Fiducia for three new higher level credit licences to be issued by the Mexico Dept of Insurance, which now allows them a wider array of products.

To reinforce the relationship with CBL, Fiducia has revealed its new branding name CBL Fiducia, which also reflects the combined international and local benefits being brought to the market by the investment.

Insurance brokers, CBL executives, government agencies and New Zealand foreign affairs and trade executives were amongst those attending the Mexico City function where the announcements were made.

It was also confirmed last week by Seguros GMX that its exclusive mandate with the Mexican government reinsurer and CBL has been renewed for a further two years.

CBL and Seguros GMX have been writing this Vicios Occultos ‘Builders Warranty’ program for over 10 years.