New Zealand Underwriting Agency Council
1 January 2021
The newly established New Zealand Underwriting Agencies Council Inc represents strength in numbers with the ultimate goal to improve and promote underwriting agents under one banner.
Inspired by the Underwriting Agencies Council in Australia, which until recently represented the interests of NZ Underwriting Agents, the New Zealand Underwriting Agencies Council Inc (NZUAC) was founded in February 2020 as a standalone representative organisation with the purpose of influencing New Zealand-specific legislation that’s on the horizon.
Underwriting Agencies contribute 10% of the total insurance premiums in NZ ($700m) and with a widening divide between the regulatory environments in Australia and NZ it’s necessary for specific local representation. The insurance market is about to face more regulation.
As a professional, representative industry body, NZUAC represents and promotes its members’ interests within the wider insurance industry and to the government and regulators to ensure:
- there is an understanding by them as to what and how underwriting agents fit into the insurance landscape, and
- how they help to create competitive and innovative insurance solutions.
“As an organisation we’ll monitor, and where necessary, develop positions on insurance regulation, as well as engage in matters that affect the wellbeing of the underwriting agency industry,” said John Baker, Chair of Star Underwriting Agents Ltd and NZUAC Steering Committee Chair.
The NZUAC’s ultimate objective is to actively improve and protect the underwriting agency industry through a united front. It will promote underwriting agencies as an efficient means of insurance distribution, set guidelines for stability and reputation of individual businesses and promote professional development through training and education.