About NZI

About NZI

 

It’s all about us because you should know all about the insurance company backing your lifestyle and business.

 

Insurance experience and innovation

NZI is one of New Zealand’s largest and most well-known insurance brands, offering an extensive selection of flexible, comprehensive insurance services for people and businesses throughout the country.

 

We’ve been in business for more than 150 years and operate through a nationwide network of qualified and experienced brokers – meaning you get informed, independent advice from some of the best insurance brains in the business.

  

In addition, we underwrite insurance for some of New Zealand’s leading financial institutions, including ASB, BNZ, The Co-operative Bank and Westpac.

 

NZI is a business division of IAG New Zealand Limited, the largest general insurer in New Zealand, and a wholly owned subsidiary of Insurance Australia Group, Australasia’s largest general insurer.


In 2011, 2012 and again in 2013 we were voted Intermediated Insurance Company of the Year. We’re proud of our reputation for delivering innovative insurance solutions, supported by a solid record of focused, responsive performance. This is reflected in our Standard & Poor’s financial strength rating of AA- ("Very Strong") and our solvency margin. 


So whether you want to insure your car, house, possessions, farm or business, we have a policy to suit – just take a look at what we offer in personal insurance and business insurance.

 

Then you simply talk to one of our brokers, who will tailor the right package for
your requirements.

 

Choose NZI. While you may never need us, you can have the assurance of knowing we’ll be there if you do.  

 

AA- financial strength rating

NZI is a business division of IAG New Zealand Limited, which has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.

 

A rating of AA- means we have a ‘very strong’ claims-paying ability, as you can see in the scale below. As a customer, this is your reassurance that NZI will be able to pay out on your claims.

 

The rating scale is:
 
AAA (Extremely Strong)
AA (Very Strong)
A (Strong)
BBB (Good)
BB (Marginal)
B (Weak)
CCC (Very Weak)
CC (Extremely weak)
SD​ (Selective Default)​
D​ (Default)​
R​ (Regulatory Supervision)​
NR​ (Not Rated)​

 

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating categories. 
 
The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.

 

Solvency margin

In its half-yearly Solvency Return filed with the Reserve Bank of New Zealand, IAG New Zealand Limited had a Solvency Margin as of 31 December 2013 as follows:

 

  • Non-life business           $241.348 million
  • Life business                  $    0.738 million
  • Total Solvency Margin    $242.086 million
     

Our people

Our business is as much about the intrinsic value of our people and relationships, as it is about underwriting and investment.

 

Talent doesn’t confine itself to one gender, culture or group of people. So we believe we can use what we learn about our diverse workforce, at all levels of business, to help develop a better understanding of our workplace, better serve our customers and create a more competitive advantage as an employer of choice.

 

It’s well recognised and reported that innovative organisations attract and retain people who are passionate about customers and have a broad range of skills, experiences, ideas and perspectives.

 

To ensure we make the most of this opportunity in our own organisation, we have a diversity ambition that says: “We respect and value the different experiences of our people, and harness the opportunity and business benefits that diverse ideas and perspectives bring to our organisation and stakeholders”.

 

At NZI we’re a team-focused business receptive to change – and that teamwork starts at the top. You can read about Executive General Manager Karl Armstrong and his leadership team in brief biographies.

 

Working for NZI offers enjoyable and challenging employment opportunities in a variety of roles. If you’re interested in knowing more, find out about career opportunities at NZI.

 

Our sponsorship connection

NZI is a brand with an established history and a promising future. At NZI we believe that a brand is what a brand does. It drives our decisions and what we stand for – a business growing together to meet the needs of our clients.


Sponsorship is about gaining an emotional connection with our clients, and people, by association with an event or organisation that reflects what NZI is all about.

 

Our foundation sponsorship of the Sustainable Business Network (SBN) is a good example. Sustainability is central to what we do at NZI and we work closely with the SBN to promote and reward sustainable business practice, collaboration and investment. We sponsor the SBN’s annual awards for the same reason.

 

Here are some of the criteria we look for when considering sponsorship opportunities:

 
  • Is it a logical link or fit with our business and does it support our strategy?

  • Does it link with insurance, risk or risk expertise?

  • Does it create opportunities for us to communicate key messages with our target market?

  • Are there logical leverage opportunities for our business?

  • Does it give NZI’s people and branches an opportunity to get involved?

 

If you have a sponsorship enquiry, please contact Amanda Watts.

 

For enquiries about sponsorship or an event, we’d like to hear from you at least six months before the event takes place.

 

Our history 



We’re proud of our heritage. Established in 1859, NZI is one of New Zealand’s longest serving insurance companies. We’ve grown through acquisitions and mergers, and as you’d expect, we’ve built up a wealth of experience and knowledge in this time.

 

The late 1800s was a period of rapid expansion. With the decline of the British Empire, nationalism was on the rise, traditional insurance markets were changing and the Great Depression added its challenges.

 

New Zealand Insurance (as we were called then) entered the accident field in 1905, buying the New Zealand Accident Insurance Company underwriting plate glass, burglary and other risks throughout Australasia. In 1958 we entered into a ‘friendly alliance’ with Mutual Life and Citizen Assurance, and five years later acquired F.A.M.E Insurance. By 1969 we owned 100% of Victoria Insurance.

 

The latter half of the 1900s was a time of increased competition, insurance rates and claims inflationary pressures. When Cyclone Tracy unleashed its devastation on Darwin in 1975 it became the biggest single loss since the San Francisco fire in 1908.

 

So with compounding pressures, New Zealand Insurance and South British Insurance acknowledged common interests and complementary natures, and merged in 1981. They operated as part of the New Zealand South British Group under the NZI brand.

 
NZI was acquired by Insurance Australia Group (IAG) in 2003 and is today operated by IAG’s subsidiary, IAG New Zealand Limited.