It is a momentous year for one New Zealand-based insurance giant as NZI is celebrating its milestone 160th birthday.
According to NZI executive general manager Garry Taylor, the firm is extremely proud to have helped countless kiwis over the last 160 years.
“Of course, we wouldn’t have lasted without great products, underwriting and a common-sense approach to claims handling, but all of this has been driven by our people and the relationships they have developed with brokers and customers,” he noted.
While it’s important to mark such a milestone, Taylor noted this doesn’t mean the NZI team is resting on its laurels. He believes climate change and the consequential move to risk-based pricing; insurance affordability, under-insurance and new regulation are some of the main challenges for the industry going forward.
“We’re always thinking about how we should manage our business to make sure we remain relevant,” Taylor explained. “There are a lot of changes happening in the insurance industry now and we are focussed on moving and adapting with them.
“Notably, global environmental risks have evolved over the past few years and we need to take more account of these risks, so we can continue to be there for our customers across New Zealand.
“A prime example of this is in Wellington where managing the limited earthquake capacity will continue to be a challenge,” he said.
The insurance boss also acknowledged conduct as a significant issue for the insurance industry to come to terms with, especially following the Financial Markets Authority report on the conduct and culture of New Zealand life insurers and the similar findings of the Royal Commission into the Australian banking sector.
Taylor said he will continue to discuss the importance of the implications of this with the wider industry. He believes NZI, as the most experienced insurer in the country, has responsibility to lead discussions on these challenges and work with the insurance industry on addressing them.
“NZI will continue to evolve with the market, whilst building on existing relationships and developing new ones,” he added. “We’ll be here for many more years to come.”
