Scheduled maintenance is planned for June 13 at 4pm, during which time the site will be temporarily unavailable.
.png)
G’day Team,
It’s been a while, hasn’t it? Joshua here, back at the reins after a bit of time off from writing the yarn, let’s see if I’ve still got the magic!
There are some great things happening in the insurance market right now as we head into Christmas, riding the coattails of a still relatively soft (cheaper) market. This means we’re continuing to see minimal increases, more appetite for insurers to take on risk and for consumers to get more cover, and competition between insurers that’s delivering real benefits for our clients.
A soft market is a good thing, and we’ve got a few ways to take advantage of it, especially now, when it’s a great time to rectify situations where people have found themselves underinsured in an effort to save on costs.
Underinsurance is often a knee-jerk reaction to a harder market. To reduce their premiums, people lower the value of buildings, cut back on business interruption cover, or hike their excesses sky-high, essentially locking themselves out of every claimable scenario except a total loss. In a hard market, the short-term relief gained from lowering your sums is offset by the lack of coverage at claim time, something we unfortunately see quite often in this industry.
With rates coming down, now’s a great time to revisit those decisions and see if it’s justifiable to bring your cover back to a level that will actually help you out. We’re not here to increase financial pressure on our clients, but it’s also our job to ensure you’re correctly covered, and sometimes that means having frank conversations about where your gaps in cover are.
In 2025, a significant number of homes in New Zealand remain underinsured. Industry experts and reports cite figures as high as 85% of homes being underinsured by an average of 28%. A Vero report from October 2023 indicated that approximately 70% of SMEs are significantly underinsured, and experts note that a “huge chunk” of NZ commercial buildings are underinsured because owners often fail to update their valuations to keep pace with rising construction costs.
If you’ve lowered your figures to help with costs, reach out, let’s see what we can do for you in this softer market.
On a personal note, I recently got married (feels very grown-up to say that!), and I’ll be away from 15 November to 8 December in Japan on my honeymoon. Alice and Taz will be monitoring my emails during this time, but please be patient with them, as I won’t be taking my work phone or accessing emails 😊
It’s business as usual until then, and I’ll be around over the Christmas break. Just a heads-up: our offices will be closed from 22 December to 5 January, so while we won’t be in the office, my phone will be on if you need anything.
If there’s anything you want to chat about, whether it’s cyber cover, market changes, or just a general insurance checkup, get in touch. We’re always happy to help, and we love hearing from you.
And give your dog a pat from us 🐾
Joshua Rhind | General Manager
Caveo - powered by Velocity Financial
FSP637909
38 Vivian Street, Te Aro, Wellington
M: 027 384 6444
E: joshua@caveo.co.nz
W: www.caveo.co.nz
Insurance Advisernet New Zealand Limited (IANZ), FSP26221, holds a financial advice provider licence issued by the Financial Markets Authority. Caveo FSP637909, is authorised by that licence to provide financial advice services. Caveo provides advice to our clients about their general insurance needs. Our Advisers provide advice in relation to domestic general insurance, such as house, contents, landlords, motor vehicle and boat insurance, as well as commercial general insurance, such as commercial property, business interruption, commercial motor, marine, liability, professional indemnity and cyber insurance.
Caveo Disclaimer
The information shared in this email is meant to be general guide to support you on your journey. When making important decisions about your insurance, we encourage you to seek independent insurance advice first, tailored to your unique situation. Our knowledgeable general insurance advisers are here to help. Check out our website for the details about our general insurance services in our Disclosure.
Read Caveo's disclosure here.