After withdrawing operations six years ago, Zurich Financial Services Australia has relaunched its general insurance business in New Zealand.
“Over that time the market has changed considerably and opportunities are a lot different now,” Zurich Financial Services Australia chief executive David Smith said.
“We see New Zealand as important to our geographic expansion and a core plank of our organic growth proposition.” Business was terminated due to escalating expense and lack of synergy with Australian operations.
Zurich New Zealand is based in Auckland and run by head of operations Mike Poole. The business will target the mid-market sector, offering liability, property, financial lines, motor fleet and global products.
The New Zealand general insurance market is worth around NZD3.5 billion.
“Zurich is a major global insurer and should be able to compete in New Zealand. Zurich New Zealand’s goal is to become a leader in chosen general insurance segments in the New Zealand market within five years,” Smith said.
Smith worked for IAG New Zealand for seven years and he was also president of the Insurance Council of New Zealand for two years. It is important the 10-strong team is staffed by indigenous brokers and underwriters, he believes.
“We don’t want to rate New Zealand, as some organisations do, as the seventh (Australian) state,” Smith said.
