Top Insurance Companies in New-Zealand

The insurance industry in New Zealand is an essential sector that contributes significantly to the country's economy. The industry plays a crucial role in protecting individuals and businesses from financial losses resulting from various risks, such as accidents, illnesses, and natural disasters. In this article, we will examine the various aspects of the insurance industry in New Zealand, including key statistics, factors contributing to its growth and success, key trends, challenges, and the future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
ANDO INSURANCE220 +64 800 567 333

Ando was created because of the irresistible opportunity we saw to build a partnership-driven business, with no baggage or bureaucracy; just great technology and a brilliant team of well-known New Zealand insurance people, who are all experts in their fields.Our vision is to create a fresh, nimble, customer-centered business that will challenge the traditional insurance company model and help shape the future of the New Zealand insurance industry.Ando, operating as an underwriting agency, is majority owned by our management team, with a shareholding held by Australian underwriter The Hollard Insurance Company Pty Ltd, whose innovative and entrepreneurial business model is a perfect match for us. Because our business leaders are also the owners, decisions are made locally and fast, allowing us to be more customer-focused than traditional players. This flexible, nimble structure enables us to work closely with brokers and partners to create fast, fresh solutions that simplify and streamline the way we do business for our customers. As we grow we will be seeking talented and ambitious insurance professionals to join us in this exciting and dynamic new environment. If you are interested, let’s talk.For more information, please contact: John Lyon Email: john.lyon@ando.co.nz Tel: 021 895618 Dean Edwards Email: dean.edwards@ando.co.nz Tel: 021 567873

EML2,120 +61 2 8251 9229

At EML we take great pride in helping people get their lives back after a workplace injury. Since our foundation in 1910 we’ve maintained a singular vision; to dedicate our services to improving work health and safety for the benefit of our members, workers and the broader community which we support.Today, we have over 3,000 specialists working in partnership with businesses, injured workers and government schemes across Australia, helping to make a difference.As Australia’s only mutual personal injury manager, we focus exclusively on providing tailored injury prevention and return to work support. Since we have been in operation, we have helped over 350,000 injured workers get their lives back.

LIBERTY MUTUAL INSURANCE40,869 +65 6338 0990

At Liberty Mutual, we want to help you embrace today and confidently pursue tomorrow. That’s why our company culture supports and champions each employee—helping you turn your passion into a rewarding profession. From comprehensive health and benefits to professional development opportunities, you’ll have access to the resources you need to pursue a meaningful career in an environment focused on openness, inclusion, trust and respect.As a Fortune 100 global leader in property and casualty insurance with more than 45,000 employees in 29 countries and economies around the world, our dedication to putting others first extends beyond our organization. We’re also committed to being a force for social and environmental good, and championing sustainability and Diversity & Inclusion initiatives around the world. Whether you’re helping our customers navigate an important claim or developing a new environmentally friendly product, you can feel good about the work you do at Liberty Mutual. We’ve spent more than 100 years creating innovative insurance products, services, ideas and technologies to meet the world’s ever-changing needs—breaking away from old mindsets and thinking outside of traditional insurance roles. Why? Because we’re committed to transforming our industry in order to create peace of mind for our customers. We hope you’ll join us.

NIB NEW ZEALAND156 +64 800 123 642

At nib we believe health insurance should be easy to understand, easy to claim on and above all great value. We offer health insurance you can actually use. It’s our ‘keep it simple’ philosophy and it influences everything from product design, to claiming and customer service. nib was launched in New Zealand in October 2013 having acquired TOWER Medical Insurance Limited at the end of 2012. We now cover more than one million people across Australia and New Zealand. We have over 60 years’ experience in providing health insurance. At nib, we are passionate about driving innovation and growth in the health insurance market and are always looking for new opportunities to grow our business, connect with our customers and outperform our competitors.

CHARLES TAYLOR1,541 +61 456 658 666

Charles Taylor provides an unrivalled and growing range of insurance services, claims and technology solutions across the globe, with a specialism in complex situations requiring distinctive technical expertise and technology. We aim to build long-term client relationships spanning multiple value-creating solutions, and to consistently delight our clients with the quality and responsiveness of our people and delivery.We have 3,000+ experts based around the globe in more than 120 locations spread across 30 countries in the UK & Europe, the Americas, Asia Pacific, the Middle East and Africa.Visit our website for more information.

CHU UNDERWRITING AGENCIES PTY LTD185 +61 1300 361 263

CHU and its team of professional friendly staff are dedicated to servicing strata insurance customers and making life easier for you. We deal only in strata - nothing else, so our customers have our undivided attention.Our suite of insurance plans of Residential Strata Insurance, Commercial Strata Insurance, Community Association Insurance, Landlords Insurance and Contents Insurance are regularly updated to ensure that they continue to be the market leader in cover.Whether you’re a Strata Manager, Broker or a lot owner you should always choose a CHU product to make sure you have cover that protects you beyond the minimum requirements.With nearly 40 years experience and over more than 100,000 strata schemes nationally it makes sense to choose CHU.

HOLLARD INSURANCE AUSTRALIA654 +61 1800 931 678

Established in 1999, The Hollard Insurance Company Pty Ltd (Hollard) and its related entities are part of the Hollard International Group of companies, operating in Australia and New Zealand. We underwrite a broad range of general insurance products, including motor, home, contents, business, bicycle, and pet; both directly and through partnerships. As a top 5 insurer in Australia, we are also an independent and privately owned company. Hollard works in proud partnership with a range of leading direct insurance brands as well as broker businesses to bring to market an innovative range of insurance products to serve a wide range of customer needs. At Hollard, we pride ourselves on the calibre and capability of our people, on being a positive business with an unrelenting focus on diversity and inclusion, and on building collaborative partnerships. We use our expertise, integrity and humanity to go further, together.

FWD INSURANCE7,946 +65 6820 8888

FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

NATIONAL CREDIT INSURANCE (BROKERS) PTY LTD178 +61 1800 882 820

NCI offers a complete range of trade credit services helping clients to safeguard their business from bad debts and to integrate better credit management practices. Dedication to technology, research and staff training ensures this and sets NCI apart from competitors.NCI was established in Adelaide, Australia in 1985 as a specialist credit insurance broker. The business has grown to become the largest credit insurance broker in Australia with offices in all major capitals and also in New Zealand and Singapore. As it grew, NCI realized while its core product was insurance broking, its business was actually about protecting the profitability of its clients. While credit insurance was the ultimate safeguard against bad debts, better business practices in trade credit management could also help to improve profitability on a day-to-day basis.NCI can improve cash flow, protect profitability and secure the value of your debtors.

AXA INSURANCE COMPANY627 +65 6880 4888

Our purpose at AXA is to protect people and businesses so they can pursue their lives and ventures with peace of mind. AXA US Insurance, part of AXA’s international network, provides US commercial Property & Casualty insurance and risk management solutions to large and mid-sized companies. In a rapidly changing world, we are committed to supporting our domestic and international customers so they can face US risks and exposures head on.AXA US Insurance Value:Commitment to our CustomersEmbedded in our culture as a core value; we put our customers first; our number one priority is to provide the best products and services that empower our customers to succeed.Large International Network:We are a member of AXA’s Property & Casualty international network, which covers over 150 countries worldwide with 64 locations.Customized Coverage:AXA US Insurance is admitted in all 50 states, including Washington DC, Puerto Rico, Guam and other US territories, our responsive and knowledgeable underwriting team offer Property, Casualty, Marine Cargo, Aviation and Specialty Liability solutions for US business risks.Claims Expertise:We are committed to providing the best in class services to our customers through our in-house specialty claims team, currently ranked 5/5 stars for customer satisfaction.Financial Strength:AXA US Insurance is rated A (VIII) by AM Best and part of the AXA Group, rated AA- by Standard & Poor’s with €100BN revenue, €5.7BN underlying earnings, €72.7BN shareholders equity, and €1.059TN assets under management.For more information or questions about our company, please contact: marketing@axa-ic.com

STARR INSURANCE COMPANIES2,528 +65 6636 0380

Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.Starr has the global knowledge, vision and relationships to help your company succeed, anywhere you do business.

GALLAGHER RE2,261 +61 1800 254 287

The reinsurance landscape is evolving. To compete in a global marketplace, our clients and carriers demand scale and breadth. And we’re rising to meet the challenges ahead. As we welcome Willis Re to the Gallagher Re team, we look forward to driving greater value by combining the knowledge and expertise of our two organisations. The new Gallagher Re is more than just bigger. It’s smarter, faster, and stronger. At Gallagher Re, client advocacy is at the heart of everything we do. We are here to help you face your future with confidence.

BEAZLEY2,120 +65 6576 6288

We are a specialist insurer with more than three decades of experience in providing clients with the highest standards of underwriting and claims service worldwide. All our insurance businesses are rated A (Excellent) by A.M. Best. Our values and priorities are different at Beazley. Beyond our deep understanding and expertise in specialist risks, we are defined by people and a culture that values being bold, relentlessly striving for better, and doing what’s right above all else.We are market leaders in many of our chosen lines, which include cyber, management liability, professional indemnity, property, marine, reinsurance, accident & life, political risk and contingency business.

MARSH27,114 +65 6333 6006

We help our clients and colleagues grow — and our communities thrive — by protecting and promoting Possibility. We seek better ways to manage risk and define more effective paths to the right outcome. We go beyond risk to rewards for our clients, our company, our colleagues, and the communities in which we serve.Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman.

AIA SINGAPORE2,769 +65 1800 248 8000

AIA Singapore is part of the AIA Group, which is the largest independent publicly listed pan-Asian life insurance group in the world and the second largest life insurance company in the world by market capitalisation. As a leading company in Singapore, AIA Singapore takes a leadership role in contributing to the nation’s social and economic progress by enabling families to live healthier, longer, better lives. Together with one of Singapore’s biggest and most committed team of AIA Financial Services Consultants, our dedicated staff are united in continually pursuing this goal. With a focus on providing excellent service to our customers, we partner with individuals, families and corporates in Singapore for a brighter and more prosperous future for all. Committed to the vision of being the pre-eminent life insurer in the country, admired for excellent service and best practices, AIA Singapore conducts our business according to an operating philosophy of “Doing the Right Thing, in the Right Way, with the Right People.Any personal information supplied by you in connection with your use of this social media platform may be collected, stored, handled, used and deleted in accordance with the AIA Singapore Privacy Policy available at http://www.aia.com.sg/en/index/personal-data-policy.html

REINSURANCE GROUP OF AMERICA, INCORPORATED3,426 +65 6692 9380

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortunes Worlds Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com.

MUNICH RE17,773 +65 6220 1768

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. We are globally active and operate in all lines of the insurance business. Since our founding in 1880, we’ve been known for our unrivaled risk-related expertise and sound financial position. We offer customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. We possess outstanding innovative strength, which enables us to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks, or pandemics.We’re also playing a key role in driving forward the digital transformation of the insurance industry, and in doing so have further expanded our ability to assess risks and the range of services that we offer. Our tailor-made solutions and close proximity to our customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.Munich Re Imprint: www.munichre.com/en/service/imprint/index.htmlMunich Re Legal Notice: https://www.munichre.com/en/service/legal-notice/index.htmlMunich Re Privacy Policy: https://www.munichre.com/en/service/privacy-statement/index.htmlBy accessing the Munich Re LinkedIn page, you agree to LinkedIns terms and conditions and its data use policy: www.linkedin.com/legal/privacy-policy© 2000–2018Münchener Rückversicherungs-GesellschaftGroup Communications

TOWER INSURANCE886 +64 800 379 372

Welcome to Towers LinkedIn page! Were kiwi, were passionate about what we do and were all about helping New Zealanders protect the things they value through simple and easy insurance.

FIDELITY LIFE ASSURANCE COMPANY LIMITED455 +64 800 882 288

Fidelity Life’s purpose is to give New Zealanders certainty to enjoy a more rewarding life. Were New Zealand’s largest locally owned life insurer and weve paid more than $1.4 billion in claims since we were founded in 1973. Our goal is to set our business up for a sustainable and successful future, with the customer at the centre of everything we do.

NTI402 +61 421 165 583

The nti Difference:We employ and welcome people from a very diverse range of cultures, religions and ages, especially those who develop effective, positive and collaborative relationships. We have been an employer since 1971 and operate across Australia. Whether you are a specialist wanting to enhance your expertise, an inexperienced trainee or a student looking for casual work – we may just have an opportunity for you.Job Fulfilment:Our teams generally enjoy high quality work, where the nature of their day-to-day activities energises them. We offer clear work roles and responsibilities, with flexibility within those roles – empowering employees to go the ‘extra mile’.Benefits and Rewards:We understand everyone is motivated by different things - that’s why we provide a range of benefits to suit each individual need. Our goal is to help you prosper – both personally and professionally. We believe you should be fairly rewarded for your contribution to nti’s success and therefore offer our employees…• competitive salaries• a generous incentive scheme• free salary continuance insurance• additional superannuation• Shareholder discounts on personal insurance products and on a range of domestic products• Flexible work options• Professional development and study assistance• Health & fitness discounts• Parental Leave• Employee assistance program

Top Insurance Companies in New-Zealand

Key Statistics:

The insurance industry is a significant contributor to the New Zealand economy, with its contribution to the GDP standing at NZD 2.1 billion in 2022, representing 0.8% of the country's GDP. Additionally, the industry employed 19,000 people in 2022, representing 0.7% of the total employment in the country.

Factors Contributing to the Industry's Growth and Success:

Government Initiatives:

The New Zealand government has played a significant role in the growth and success of the insurance industry through various initiatives aimed at promoting the industry's stability and competitiveness. For instance, the government has implemented regulations that require insurance companies to have sufficient capital to meet their obligations to policyholders. Additionally, the government has established the Earthquake Commission, which provides coverage for earthquake damage to residential properties.

Industry's Growth and Comparison to Previous Years:

The insurance industry in New Zealand has experienced steady growth over the years, with its contribution to the GDP increasing by 2.5% in 2022 compared to the previous year. Additionally, the industry's employment increased by 2.6% in 2022 compared to 2021. The growth can be attributed to various factors, such as increased awareness of the importance of insurance, the growth of the economy, and increased government support.

Key Trends:

Technological Disruptions:

Technology has revolutionized the insurance industry in New Zealand, with many businesses adopting various technological innovations to enhance their operations. For instance, the adoption of digital platforms has made it easier for customers to access insurance products and services. Additionally, the use of big data and artificial intelligence has enabled insurance companies to develop customized products and pricing strategies.

Challenges:

Competition:

The insurance industry in New Zealand is highly competitive, with many local and international players vying for market share. The competition has led to pressure on profit margins, with many companies having to reduce their premiums to remain competitive. Additionally, the competition has led to increased customer expectations, requiring insurance companies to innovate and offer better services and products continually.

Future Outlook:

The insurance industry in New Zealand has a positive outlook, with various opportunities for growth and development. The industry is expected to continue growing, driven by increased demand for insurance products and services, the growth of the economy, and technological advancements. Additionally, the government's continued support for the industry through various initiatives and funding programs is expected to boost its growth. However, the industry will need to address various challenges such as increasing competition and regulatory changes to ensure sustained growth.

To sustain the growth of the insurance industry in New Zealand, businesses and policymakers will need to adopt various strategies, such as:

Investment in Technology:

The insurance industry is increasingly becoming reliant on technology to enhance its operations. Businesses will need to invest in innovative technological solutions such as blockchain and artificial intelligence to streamline their processes and improve customer experience.

Product Innovation:

The insurance industry can develop innovative products that cater to the changing needs of customers. This can involve developing products that cater to emerging risks, such as cyber threats, climate change, and pandemics.

Collaboration between Industry Players:

Collaboration between industry players can lead to the sharing of resources, increased efficiency, and the creation of new opportunities. For instance, smaller insurance companies can partner with larger ones to access a wider customer base, while larger companies can collaborate to provide a range of services.

Customer-Centric Approach:

The insurance industry can adopt a customer-centric approach, focusing on understanding the needs and preferences of customers and tailoring their products and services accordingly. This can involve using data analytics to gain insights into customer behavior and developing personalized products.

Sustainable Practices:

The insurance industry can adopt sustainable practices to minimize its environmental impact and promote sustainable development. This can involve measures such as energy efficiency, waste reduction, and responsible sourcing of products.

Conclusion

In conclusion, the insurance industry in New Zealand is a vital sector that has contributed significantly to the country's economy. The industry's growth and success can be attributed to various factors, such as government initiatives, increased awareness of the importance of insurance, and technological advancements. However, the industry also faces various challenges, such as increasing competition and regulatory changes, which will need to be addressed to ensure sustained growth. Adopting strategies such as investment in technology, product innovation, a collaboration between industry players, a customer-centric approach, and sustainable practices can help sustain the growth of the industry and promote sustainable development.

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By Melissa Goh
Published on 25 May 2023