About NZI

About NZI


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.


For 159 years, we've been helping Kiwis in all lines of work, in all parts of the country, through good times and bad. We know, better than any other insurer, what it takes to plan and prepare for the unexpected.


With our nationwide network of branches, working closely with local brokers, we're close to the challenges and the opportunities that Kiwi businesses are working with every day, so you can receive a tailored insurance solution for you and your business.


Talk to a broker today about how NZI can protect your business. While you may never need us, you can rest assured that we will be there if you do.


NZI is proudly backed by IAG – the largest general insurer in Australia and New Zealand. In New Zealand, IAG is also represented by brands including State, AMI, Lumley, NAC, Lantern and Swann.


NZI was voted Insurer of the Year in 2007, 2008, 2011, 2012 and 2013 by the Insurance Brokers Association of New Zealand (IBANZ); Intermediated Insurance Company of the Year by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) in 2012, 2013, 2014, 2017 and Innovation of the Year in 2016 and 2017.


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. 


AA- financial strength rating


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


A rating of AA- means IAG has a ‘very strong’ claims-paying ability, as you can see in the scale below.

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 Annual Solvency Return filed with the Reserve Bank of New Zealand, IAG New Zealand Limited had a Solvency Margin as at 30 June 2018 as follows:

Life Non-life​ Total​
$m​ ​$m ​$m
Actual Solvency Capital ​ 0.1 556.4​ 556.5
Minimum Solvency Capital  ​ 0.1 337.1 337.2
Solvency Margin ​ 0.0 219.3 219.3
Solvency Ratio ​ 121.8%​ 165.1%​ 165.1%​

Insurance Council of New Zealand

NZI is a member of the Insurance Council of New Zealand (ICNZ), an industry organisation which represents fire and general insurers in New Zealand.
As an ICNZ member, NZI abides by the ICNZ fair insurance code.
Additional information, including consumer advice about insurance, is available on the Insurance Council of New Zealand website.

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”.


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.


Diversity, inclusion and belonging
At NZI, we believe in having an inclusive and supportive environment where everyone is able to be true to themselves and know that they belong. We’re focused on making your world a safer place for our people, our customers and our communities. Our participation in the Rainbow Tick programme enables us to build a diverse community and an inclusive place to work where we celebrate what makes us unique.

Our sponsorship connection


NZI is committed to helping New Zealand, New Zealand businesses and New Zealanders grow and succeed.


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. SBN provides advice and support to businesses to succeed through sustainability. In turn, these businesses are revolutionalising the New Zealand business landscape and providing a sustainable future for New Zealand and New Zealanders. 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 email nzi@nzi.co.nz and our team will respond within 10 days.

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.