Two insurance industry leaders outline some of the opportunities and challenges for Australian and New Zealand markets in the next 12 months.

With New Zealand insurers facing what he estimates to be well in excess of a NZ$5 billion payout for insured losses in the wake of Cyclone Gabrielle and the recent Auckland floods, Craig Kirk has no doubt that natural catastrophes will be one of the major talking points for the industry this year.

Kirk, executive director of underwriting at Delta Insurance and ANZIIF’s 2022 New Zealand Insurance Leader of the Year, says the events highlight the ever-growing impact of climate change and the associated pressure on claims management and resourcing.

“These extreme weather events really present challenges around the resources that can be deployed and the ability to respond in a compassionate and efficient manner to claims,” he says.

Responding to the public clearly, especially as some of the more complex and contentious flooding and cyclone claims are handled, will be crucial in 2023, according to Kirk.

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