Feature
Another professional insurance organisation for New Zealand A
new insurance organisation hopes to fill a gap in the market for underwriting agents. The New Zealand Underwriting Agencies Council has been set up to cater for what it says are underwriting agents’ unique issues and needs, which are not addressed by other professional bodies. As of April 2020, approximately 40 underwriting agents represent 10% (around $700-million) of the Fire and General insurance premiums in New Zealand. These underwriting agents have had no local representation as a collective organisation. For the past five years, UAC Australia has been open to New Zealand members because both these markets had many features in common. But over time there has been a considerable divide between the two regulatory environments.This led to discussions between UAC Australia’s executive director, William Legge, and a new steering committee in New Zealand to set up a standalone New Zealand organisation.
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September 2020
“The New Zealand Underwriting Agencies Council Inc (NZUAC) has been registered as an incorporated entity, has drafted a constitution, and is in the process of contacting underwriting agents to become founding members and be represented by the organisation,” said John Baker, chair of Star Insurance Specialists and NZUAC steering committee chair. NZUAC’s inaugural meeting is planned for September 2020. “As the New Zealand insurance market becomes more regulated, the delivery of insurance solutions becomes more fragmented. New Zealand needs a professional and united front to represent the interests of New Zealand’s 40-plus underwriting agencies,” Baker said. One of NZUAC’s roles will be to amplify the combined voice of underwriting agents in New Zealand to lobby legislators and protect their interests against the various government regulations that intend to affect the industry.
