The Insurance Council of New Zealand (ICNZ) was established in 1895 as the industry representation body to represent the fire and 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 28 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.