The Insurance Council of New Zealand (ICNZ) was established in 1895 and is the representative body of the general insurance industry in New Zealand.
The Insurance Council is governed by a Board of ten members, appointed annually at the AGM. The Council aims to assist members in key areas affecting their business through effective advocacy and communication.
What does the Insurance Council do?
The Insurance Council plays an active role in representing the insurance industry. Our members are all licensed under the Insurance (Prudential Supervision) Act 2010 and are signatories to the Fair Insurance Code that requires insurers to act ethically. The Council also performs an important role in informing and educating consumers about key insurance issues and risks.
The Council currently has 27 members who collectively write more than 95 percent of all fire and general insurance in New Zealand. Insurance Council members, both insurers and reinsurers, are a significant part of the New Zealand financial services system.
Our members currently protect more than $0.5 trillion of New Zealanders' assets. In a normal year, our members pay over $2 billion in claims. In addition, the Canterbury earthquakes have resulted in claims that are expected to rise above $20 billion.
ICNZ is a supporting institution of the United Nations Environmental Programme’s Principles of Sustainable Insurance (PSI) initiative since 2012 and has also developed a 15 point action plan for better protecting New Zealand from natural disasters.
Sustainable insurance aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability.
The Insurance Council of New Zealand has signed the United Nations Statement in support of disaster risk reduction released at the 3rd UN World Conference on Disaster and Risk Reduction in Sendai, Japan.
The conference adopted a new global framework to help governments at all levels better prepare for disaster risk and to improve the resilience of nations and communities to disasters and now includes the private sector.
The insurance industry’s statement in support of disaster risk reduction can be found at http://www.unepfi.org/psi/united-for-disaster-resilience/.
The Insurance Council is a signatory to Paris Pledge for Action, which affirms our strong support for the adoption of the new universal climate agreement at COP21 in Paris in 2015 .
L’Appel de Paris, or the Paris Pledge for Action, brings together a multitude of voices on an unprecedented scale within a single, collective stataement:
“We welcome the adoption of a new, universal climate agreement at COP21 in Paris, which is a critical step on the path to solving climate change. We pledge our support to ensuring that the level of ambition set by the agreement is met or exceeded.”
The insurance and financial sector generally will play a pivotal role in transitioning from a high to low carbon economy. While climate change mitigation measures are critical, adaptation initiatives to reduce risk must also be taken to protect people and assets at risk.
More information on the Paris Pledge can be found at www.parispledgeforaction.org.
The Insurance Council has formally joined a Government initiative to improve New Zealand's cyber security.
ICNZ has signed up to Connect Smart, a partnership led by the National Cyber policy Office (NCPO), part of the Department of Prime Minister, and Cabinet (DPMC), to harness the collective expertise and efforts from across New Zealand to respond effectively to the challenges posed by cyber and to take advantage of the opportunity to create a secure, trusted and resilient New Zealand cyber environment.
The insurance industry offers cyber risk insurance protection for internet and network exposures that can cover a range of matters including liability, intellectual property infringement, malicious code and viruses, business interruption, unauthorised access, theft, web site defacement and cyber extortion.
More information on Connect Smart can be found at: https://www.connectsmart.govt.nz/.