Aon reshapes personal insurance strategy with AMI partnership

Aon plc has entered into a referral partnership with AMI, a subsidiary of IAG New Zealand, as part of a strategic shift in its personal insurance approach.

Under this agreement, Aon will direct certain clients needing personal insurance – such as home, contents, motor vehicle, and pleasure craft coverage – to AMI. This change does not affect Aon’s commercial insurance services or its coverage for agricultural and private clients.

The insurers confirmed the referral agreement as New Zealand’s general insurance market is projected to expand from $9.7 billion in 2024 to $12.9 billion by 2028, reflecting a 7.3% compound annual growth rate (CAGR) in gross written premiums (GWP), according to analytics firm GlobalData. Property and motor insurance, which accounted for roughly 75% of total GWP in 2023, are expected to be primary growth drivers.

Benefits of partnership between Aon and AMI

Melissa Cantell, CEO of Aon New Zealand, said the partnership enables the company to maintain its focus on commercial risk while ensuring clients have access to personal insurance through AMI.

“By partnering with AMI on personal lines, we can offer our clients the best of both worlds – exceptional commercial risk advice from Aon and exceptional personal insurance from AMI – to ensure they have the right advice and protection for all their insurance needs,” she said.

She highlighted the evolving risk landscape as a factor in the decision.

“Our world is becoming more volatile, and as individuals face rapid change in their risks, and with more frequency, now is the right time to evolve the way we serve our clients. After a thorough assessment of the market, we have chosen to enter an agreement with AMI for the direct provision of personal lines insurance,” Cantell said.

AMI, which serves over 700,000 customers, is among New Zealand’s largest direct insurers.

Commenting on the deal, Amanda Whiting, CEO of IAG New Zealand, said: “AMI is strongly positioned to deliver on the personal insurance needs of these customers. We are on a mission to protect more New Zealanders, and we look forward to supporting our new customers.”

The agreement is expected to take effect in the second quarter of 2025. Aon confirmed that existing personal insurance clients will continue to be serviced as usual until the transition is complete.