The New Zealand insurance industry will meet in Christchurch in August to discuss how the Canterbury earthquakes have changed broking in the country.

Insurance Brokers Association of New Zealand (IBANZ) is replacing its annual conference with a forum to help brokers adjust to new realities, CEO Gary Young says.

“To advise your clients, you really need a deep understanding of what happened and why it has affected the insurance industry in the way it has,” he told insuranceNEWS.com.au.

Home insurance in New Zealand has changed from total replacement cover based on house size to a sum insured nominated by the policyholder.

Most insurers are making the switch, typically at renewal time, and Mr Young says this fundamental change has major implications for the advice brokers give clients. It could also affect their professional indemnity cover.

Clients are often concerned about how to determine the cover they need, he says.

IBANZ will hold the forum from August 22 to 23.