Vero Insurance New Zealand

What Vero Insurance New Zealand does

Vero Insurance New Zealand is a leading intermediated general insurer headquartered in Auckland with a regional hub in Christchurch, operating exclusively within New Zealand as a wholly-owned subsidiary of Suncorp Group (ASX: SUN). Incorporated in 1917, Vero has been underwriting personal, business, rural, and marine insurance lines for over 100 years, distributing products through a network of brokers and advisers supplemented by corporate partnerships with ANZ Bank, AMP, and Warehouse Money. The company holds an AA- (Very Strong) financial strength rating from S&P Global Ratings and reports an Adjusted Solvency Margin of 175% (Solo) with $500.5M of solvency capital as of 31 March 2026, reflecting a strong and well-capitalised balance sheet.

The product portfolio spans personal lines (house, contents, car, landlord, boat, household removal, InsureMyTesla), business lines (BusinessPlan, Tradies, Commercial Motor with AA Roadservice, Corporate Property, Contract Works), specialist rural insurance, and a full marine offering covering cargo (Single Transit, Marine Open Policy, War and Strikes), hull (Fisherman, Helmsman, Commercial Hull, Boat Builder), and marine legal liability. Core technology is the Symbility Solutions claims platform integrated with CoreLogic for data-driven claims assessment, the MyVero digital self-serve platform for policy management, and the TradeWindow digital cargo certificate integration for marine insurance. The SumExtra add-on extends home cover by up to 10% for natural disaster rebuild shortfalls, and tools such as the Cordell Calculator and Risk Profiler support accurate sum-insured and SME risk assessment.

Vero generates revenue through insurance premiums collected across all lines, paid annually, fortnightly, monthly by direct debit, or by credit card, with quote-based pricing influenced by individual risk factors, property location, government levies (EQC/NHI and Fire and Emergency NZ), inflation, and reinsurance costs. Distribution is exclusively intermediated rather than direct-to-consumer. The company plays a defined role in New Zealand's natural disaster response ecosystem, having paid out approximately NZ$3.9 billion toward the Canterbury Earthquake Recovery programme (representing 80% of total earthquake costs) and resolving 86% of residential Canterbury claims versus an industry rate of 72%, a record that anchors its brand and broker relationships.

Name

Vero Insurance New Zealand

Legal name

Vero Insurance New Zealand Limited

Website

https://vero.co.nz

Company type

Private

Founded year

1917

Operating status

Operating

Headcount range

251–500 employees

Short description

Vero Insurance New Zealand is an intermediated general insurer offering personal, business, rural, and marine insurance through brokers, advisers, and corporate partners (ANZ, AMP, Warehouse Money). A wholly-owned Suncorp Group subsidiary, it holds an AA- S&P rating and serves New Zealand households, SMEs, and commercial clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Vero generates revenue through collection of insurance premiums across personal, business, rural, and marine insurance lines. Premiums are collected through various payment methods including annual, fortnightly, monthly direct debits, credit/debit cards, and online banking.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Vero Insurance New Zealand is an intermediated general insurer offering personal (house, contents, car, boat, landlord, household removal, vehicle), business (BusinessPlan, Tradies, Commercial Motor, Corporate Property, Contract Works), rural (farm home, farm assets, farm motor, machinery, livestock, liability), and marine (cargo, hull, legal liability) insurance products. Products are distributed through a network of brokers, advisers, and corporate partners (ANZ, AMP, Warehouse Money), with self-serve policy management via the MyVero platform.

Product overview

Vero Insurance New Zealand operates as an intermediated general insurer offering a multi-product portfolio through brokers, advisers, and corporate partners. The core offering includes personal insurance products (car, house, contents, landlord, boat, household removal) and business insurance products (BusinessPlan, Tradies Insurance, Marine Insurance with cargo/hull/liability sub-products, Commercial Motor, Corporate Property, Rural Insurance). Specialty products include InsureMyTesla for Tesla vehicles and Vero Schemes for organisations. The platform also includes customer-facing tools like MyVero policy management, Cordell Calculator for home rebuild estimation, and Risk Profiler Tool for SME risk assessment. The SumExtra add-on extends homeowners' coverage in natural disasters. Products are distributed exclusively through brokers and advisers rather than direct-to-consumer.

Differentiator

Problem solved

Functional benefit

Brands

• InsureMyTesla: Specialized insurance product for Tesla electric vehicles
• Vero Schemes
• MotorPlan
• BusinessPlan
• Vero Liability

Products and services

• Vero BusinessPlan Unified business insurance product offering all business insurances in one place, covering multiple business risks under a single policy for New Zealand businesses.
• Vero Marine Insurance Comprehensive marine insurance including cargo products (Single Transit Cargo, Marine Open Policy), hull insurance (Fisherman, Commercial Fishing Vessel, Helmsman, Commercial Hull, Boat Builder), and marine legal liability for charterers, carriers, freight forwarders, ship repairers, and marina operators.
• Vero Tradies Insurance Specialized insurance coverage for tradies (tradespeople) covering tools, equipment, and business risks specific to trade professionals in New Zealand.
• Vero Commercial Motor Insurance Insurance for commercial vehicles and fleets in New Zealand, including light commercial vehicles with roadside assistance benefit delivered by AA Roadservice.
• Vero Corporate Property Insurance Property insurance coverage for corporate and commercial properties in New Zealand.
• Vero Rural Insurance Insurance products for rural properties including farm homes, farm assets, farm household contents, farm motor, farm machinery breakdown, farm animal, pleasurecraft, and farmers' liability policies.
• Vero Car Insurance Personal vehicle insurance covering cars with features including vehicle repairs locator, roadside assistance, and flexible excess options.
• InsureMyTesla Specialized insurance product for Tesla vehicles, provided by Vero with policy wordings for Tesla-specific coverage.
• Vero House Insurance Home insurance covering dwelling protection with sum insured calculations using Cordell Calculator and the SumExtra extended coverage benefit.
• Vero Contents Insurance Insurance coverage for personal belongings and household contents in New Zealand.
• Vero Landlord Insurance Specialized insurance for rental property owners covering landlord-specific risks in New Zealand.
• Vero Boat Insurance Insurance coverage for boats and pleasurecraft in New Zealand.
• Vero Household Removal Insurance Insurance coverage for household goods during relocation or removal within New Zealand.
• Vero Contract Works Insurance Insurance for construction and building projects covering contract works and SiteCover extensions in New Zealand.
• Vero Schemes Insurance products for organisations and groups, providing coverage tailored for group schemes.

Quantifiable outcome

• 97% of claims paid out over five years to 30 June 2024
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered minor, flagship and core.

• FarmgateminorStrategic or Co-development Partner · 7 November 2022Partnership with Kiwi start-up Farmgate which aims to cut rural crime in half through innovative technology solutions.
• AMPflagshipChannel Partner/ Reseller/ Distributor · 20 September 2021AMP Wealth Management and Vero extended their general insurance partnership for five years. Vero is the underwriter for AMP branded general insurance products, a 13+ year partnership.
• Good Shepherd NZflagshipStrategic or Co-development Partner · 9 November 2020Partnership to trial Drive, an affordable car insurance product designed to support Kiwis on limited incomes who may be excluded from the car insurance market. Trial extended for further 12 months in November 2021.
• TradeWindowflagshipTechnology or Integration · 8 March 2020Vero Marine partnered with TradeWindow to become the first marine insurer in New Zealand to offer entirely digital solution for cargo insurance certificates, enabling seamless digital trade processes.
• Best DoctorsminorStrategic or Co-development Partner · 15 November 2017Partnership to provide rural customers with free access to some of the world's leading medical specialists through remote medical diagnosis and treatment review services.
• Symbility Solutions / CoreLogiccoreTechnology or Integration · 8 November 2017Partnership to implement Symbility Solutions, a data-driven cloud-based claims assessment and management workflow solution to automate and improve the claims process.
• TurnersminorChannel Partner/ Reseller/ Distributor · 1 January 2014Partnership with Turners following sale of Autosure business, with Turners becoming a distribution partner for motor insurance products.
• Morgan Project Services (MPS)minorImplementation/ SI/ Consulting PartnerWorking with specialists like Morgan Project Services to help assess and project manage complex building claims from start to finish, helping to minimise challenges for customers.
• ANZflagshipChannel Partner/ Reseller/ DistributorCorporate partnership for distribution of ANZ branded general insurance products through ANZ banking channels.
• AA RoadservicecoreChannel Partner/ Reseller/ DistributorPartnership with AA Roadservice for delivery of Vero Roadside Assistance to light commercial vehicle customers, launched September 2025.
• Warehouse MoneyminorChannel Partner/ Reseller/ DistributorPartnership providing lower cost insurance options through The Warehouse's financial services brand, Warehouse Money.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Market position

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/NZVero
• LinkedInlinkedin.com/company/vero-insurance-new-zealand
• Xx.com/vero_nz

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vero Insurance New Zealand