Allianz Partners New Zealand has formalised a strategic partnership with Mitsui Sumitomo Insurance Company Limited New Zealand Branch (MSI NZ), with the agreement set to commence on April 1.
The move aims to strengthen both firms’ capabilities in the travel insurance and assistance space, as well as broaden the scope of available coverage options in the local market.
The multi-year arrangement between the two general insurers is designed to support product diversification and operational collaboration.
MSI NZ is part of MS&AD Insurance Group Holdings, one of Japan’s largest insurance organisations with a global presence across 48 markets.
Allianz Partners, a provider of travel, health, motor, and assistance insurance, will retain its existing service delivery model in New Zealand while tapping into MSI’s extensive experience in risk management and international underwriting.
Kevin Blyth, managing director at Allianz Partners New Zealand, said the agreement aligns with the company’s objective to remain agile in a shifting insurance landscape.
“Allianz Partners is thrilled to join forces with MSI in this strategic partnership, which represents a significant step forward in our commitment to delivering innovative insurance solutions in New Zealand. MSI’s strong global presence and dedication to innovation align well with our vision, ensuring we continue to meet the evolving needs of our customers,” he said.
David Hall, head of distribution for MSI in Australia and New Zealand, said the collaboration reflects MSI’s plans to grow its presence in the regional travel insurance segment.
“Partnering with a market leader such as Allianz Partners in the New Zealand travel insurance market is very exciting for us. Travel insurance is part of our core growth strategy in the region, and we are delighted to have this opportunity to work with Allianz Partners. We also look forward to working with Allianz Partners to identify other opportunities to bring customer focused products to the New Zealand market,” he said.
The partnership comes amid a growing emphasis on risk coverage among New Zealand travellers.
Recent industry data indicates that geopolitical uncertainty, climate-related events, and other external factors are prompting higher uptake of travel insurance products.
According to a recent study by Southern Cross Travel Insurance, nearly four out of five New Zealanders surveyed said global conflict and instability had influenced their decision to purchase travel insurance.
In parallel, the impact of severe weather disruptions – such as the Auckland floods and Cyclone Gabrielle – has also led to increased claims activity.
