Steadfast managing director and CEO,
Robert Kelly, has praised the firm’s New Zealand arm as prices “finally” begin to rise in the market.
Speaking after the release of their financial results, Kelly told
Insurance Business that the firm has “finally” seen rate increases in the New Zealand market.
“It is very small steps but it is definitely hardening, without a doubt,” Kelly said. “I think the earthquake in Kaikoura had a real impact. It was kind of an ‘enough is enough’ impact.”
While much has been made of rising rates across the Tasman, the New Zealand market has been more subdued, which was also recently
noted by IAG CEO and managing director Peter Harmer. Kelly said that, as prices rise, it will be important for insurers to hold their nerve and ensure that increases push further than the low single digit rises currently being witnessed in the market.
Steadfast delivered a record NZ$330 million of GWP through its 38 Steadfast Network brokers in New Zealand.
“The team we have in New Zealand is a very good team; it is working well and producing good profits for us,” Kelly continued.
He said that the firm has been able to deliver technology solutions to its brokers in the wake of the
SSP outage, which has in turn helped restructure broker earnings and operations. The firm has also recently formed a charitable foundation in New Zealand, similar to its operation in Australia, which is now receiving more investment.
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