Allianz “justifiably dismissed” former New Zealand CEO Eugene Elisara on grounds of serious misconduct, the country’s Employment Relations Authority has ruled.

Mr Elisara was fired in January after Allianz’s internal disciplinary process determined his failure to ensure compliance with underwriting protocols caused the insurer to suffer a $32 million loss on a Wellington property damaged by last November’s 7.8-magnitude earthquake.

“I have concluded the decision to dismiss Mr Elisara for serious misconduct was substantively justified and within the range of reasonable responses Allianz could take,” the authority’s member Vicki Campbell said.

“Mr Elisara was responsible for a substantial breach of his obligations as CEO, which caused a significant loss to Allianz.

“He failed in his requirement to ensure 100% compliance with the underwriting instruction.”

Allianz would not comment on the authority’s ruling when contacted by insuranceNEWS.com.au.

Former Perth-based corporate underwriting manager Marc Guppy is now CEO of the New Zealand business.