New Zealand brokers are reporting increased client demand for natural hazard advice as disasters and climate change make insurance harder to place. 

The findings are part of an Insurance Broking Association of New Zealand report, which the peak body says provides the first comprehensive picture of the profession and its contribution to the economy and wider community.

A survey shows 91% of brokers report growing demand for expert advice on natural peril risks, while more than 60% agree insurance has become harder to place due to natural hazards and climate change.

IBANZ CEO Katherine Wilson says the report shows the value brokers deliver by helping New Zealanders navigate increasingly complex decisions around risk, resilience and insurance.

“Insurance brokers have access to a wider range of specialist products than clients can access themselves,” she said.

“They help clients understand the technical details of available covers and weigh up the risks and benefits. The role of brokers in helping clients secure the cover they need in an increasingly complex insurance landscape has never been more important.”

New Zealand’s general insurance market (motor vehicle, domestic and commercial) represents $NZ10.5 billion ($8.4 billion) in annual gross written premium, up from $NZ7.5 billion ($6 billion) in 2021. IBANZ members account for 60% of all premium placed.

Survey respondents also reported that more than 96% of broker-managed claims are paid.

“Broker firms invest significant time supporting clients throughout the claims process, with 57% handling more than 500 claims annually and 22% handling more than 2000 claims each year,” Ms Wilson said.

IBANZ corporate members employ 3705 members, with 61% female. Most employees are aged between 36 and 55, with nearly one in three aged under 35. Half hold a bachelor’s degree or higher qualifications. 

The report says half of clients are SME commercial, 18% mid-market and 32% personal lines. 

The paper draws on industry data, official statistics and survey responses.