Insurance Council of New Zealand
Insurance Council of New Zealand (ICNZ) is a non-profit industry association, founded in 1895, representing 28 general insurance companies that collectively write more than 95% of New Zealand's general insurance premiums and protect over NZ$2 trillion of assets.
- Company typePrivate
- Founded1895
- HeadquartersWellington, New Zealand
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Insurance Council of New Zealand does
The Insurance Council of New Zealand (ICNZ) | Te Kāhui Inihua o Aotearoa is a non-profit industry association founded in 1895 and headquartered in Wellington that serves as the representative body for general insurance companies operating in New Zealand. Its 28 member insurers collectively write more than 95% of all general insurance in New Zealand and protect over NZ$2 trillion of New Zealanders' assets. The organization operates a suite of industry services including the Insurance Claims Register (ICR), a shared claims-data platform for fraud detection; the Insurance Fraud Bureau (IFB), a wholly-owned subsidiary launched in 2019 covering all 28 members; the Fair Insurance Code as an industry standard; consumer education guides; and market data reporting across business classes including commercial, domestic, motor, marine, liability, earthquake, and other lines. ICNZ also maintains a natural disaster cost database tracking inflation-adjusted insurance industry losses since 1968 and coordinates industry disaster response through formal partnerships with Toka Tū Ake EQC and eight private insurers.
ICNZ is funded entirely by recurring membership subscriptions from its 28 enterprise insurer members and does not sell products or services to consumers or businesses. Its go-to-market model is community-led: the association engages with central and local government on insurance regulation and climate adaptation policy, makes formal submissions to regulators including the Reserve Bank of New Zealand and the Financial Markets Authority, and represents the New Zealand industry internationally through the Global Federation of Insurance Associations (GFIA). The organization also maintains partnerships with the UNEP Principles of Sustainable Insurance initiative, the Insurance Council of Australia under the Resilient Insurance Markets Initiative, and Connect Smart, the government's cybersecurity partnership. A small staff team of 11-50 employees is led by Chief Executive Kris Faafoi, a former New Zealand Cabinet Minister appointed in April 2024.
Insurance Council of New Zealand firmographics
Firmographics- Name
- Insurance Council of New Zealand
- Legal name
- Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa
- Website
- https://icnz.org.nz
- Company type
- Private
- Founded year
- 1895
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Insurance Council of New Zealand (ICNZ) is a non-profit industry association, founded in 1895, representing 28 general insurance companies that collectively write more than 95% of New Zealand's general insurance premiums and protect over NZ$2 trillion of assets.
- Ownership category
- akta.pro rank
Insurance Council of New Zealand industry classification
Industry- Product category
- Insurance Industry Association
- NAICS
- Insurance Carriers and Related Activities (524), Other Insurance Related Activities (52429)
- SIC
- Services-Membership Organizations (8600)
- akta.pro primary industry
- Disaster Response Coordination & Incident Command (EOC/ICS) (HLAJAGAB)
- akta.pro secondary industry
- Incident Command System (ICS) & Emergency Management Training/Exercises (Tabletop/Drills) (EUAHALAE)
Keywords
Where Insurance Council of New Zealand is headquartered
LocationHeadquarters
- HQ city
- Wellington
- HQ country
- New Zealand
- HQ region
- Oceania
Offices1 record
Markets served
Insurance Council of New Zealand business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Membership Dues: ICNZ is funded by membership fees from general insurance companies. ICNZ members collectively write more than 95% of all general insurance in New Zealand.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels8 records
Insurance Council of New Zealand product offering
Product offeringCore offering
Insurance Council of New Zealand (ICNZ) is a non-profit industry association representing general insurance companies in New Zealand, with members writing more than 95% of all general insurance in New Zealand. It provides industry advocacy, regulatory engagement, consumer education, fraud prevention through the Insurance Fraud Bureau (IFB) and Insurance Claims Register (ICR), market data reporting, and disaster recovery coordination.
Product overview
The Insurance Council of New Zealand (ICNZ) is the representative organisation for general insurance companies in New Zealand, not a product company. ICNZ members collectively write more than 95% of all general insurance in New Zealand. ICNZ offers a suite of industry services including the Insurance Claims Register (ICR) for fraud detection, the Fair Insurance Code as industry standards, consumer education guides, market data reports, and natural disaster cost tracking. These services support both member insurers and consumers through industry leadership, advocacy, education, and fraud prevention initiatives.
Differentiator
Problem solved
Functional benefit
Products and services
- Insurance Claims Register (ICR) Independently run fraud detection tool that holds records of claims submitted to member insurers, enabling insurers to share claims data to detect and prevent double-dipping and fraudulent claims. Used by general insurance companies that are members of ICNZ.
- Fair Insurance Code Industry best-practice standard adopted by all ICNZ members outlining how insurers should treat customers and how customers can make complaints. Provides a recognised consumer-protection framework for the New Zealand general insurance industry.
- Consumer Guides
- Market Data Reports
- Cost of Natural Disasters Tracking
- Insurance Fraud Bureau (IFB) New Zealand's first integrated initiative to target insurance fraud through detection and education, run as an adjacent operating subsidiary of ICNZ. Detects and prevents insurance fraud, particularly non-disclosure and double-dipping at claim time. All 28 ICNZ members are members of the IFB.
Quantifiable outcome
- Members protect over $2 trillion of New Zealanders' assets
- +1 more outcomes
Companies that use Insurance Council of New Zealand
Customer profileNamed customers12 records
Segments3 records
Ideal customer profiles3 records
Insurance Council of New Zealand technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Insurance Council of New Zealand partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- United Nations Environmental Programme's Principles of Sustainable Insurance (PSI)coreICNZ has been a supporting institution of the UNEP PSI initiative since 2012 and has developed a 15-point action plan for better protecting New Zealand from natural disasters. The initiative aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability.
- Global Federation of Insurance Associations (GFIA)coreICNZ is a proud member of GFIA, with ICNZ's Chief Executive on its Executive Committee. GFIA was established to increase industry effectiveness in providing input to international regulatory bodies. Through its 41 member associations, GFIA represents insurers and reinsurers in 64 countries accounting for around 89% of total insurance premiums worldwide.
- Insurance Council of Australia (ICA)coreICNZ and ICA signed a Memorandum of Understanding to establish the Resilient Insurance Markets Initiative, a formal trans-Tasman partnership as disaster costs climb. The initiative aims to strengthen collaboration between the two insurance bodies on natural disaster response, climate resilience, and regulatory issues affecting both markets.
- Connect Smart (National Cyber Policy Office)minorICNZ has formally joined Connect Smart, a government-led partnership to improve New Zealand's cybersecurity. The partnership is led by the National Cyber Policy Office (NCPO), part of DPMC, to harness collective expertise to respond to cyber challenges and create a secure, trusted and resilient New Zealand cyber environment.
- Paris Pledge for ActionminorICNZ is a signatory to the Paris Pledge for Action, affirming support for the adoption of the universal climate agreement at COP21 in Paris 2015. The pledge brings together voices to support meeting the ambition set by the climate agreement, with recognition that adaptation initiatives to reduce risk must also be taken to protect people and assets at risk.
Scale indicators5 records
Recent moves5 records
Expansion highlights4 records
Insurance Council of New Zealand competitors and assessment
Company assessmentDirect peers
- Insurance Council of Australia: The Australian equivalent trade association for general insurers. Most directly comparable to ICNZ — same function, neighboring geography, and ICNZ signed an MoU with ICA in 2026 to establish the Resilient Insurance Markets Initiative.
- Insurance Information Institute: US-based non-profit dedicated to improving public understanding of insurance. Closely aligned with ICNZ's consumer education and media-engagement functions, though operating in a much larger market.
- Association of British Insurers: UK's primary trade association for insurance and long-term savings providers. Performs the same advocacy, regulation engagement, and consumer education functions as ICNZ at a national level.
- Insurance Bureau of Canada: Canadian national industry association representing property and casualty insurers. Operates a similar member-funded model with regulatory advocacy, fraud prevention, and disaster response coordination mandates.
Regional players
- General Insurance Association of Japan: Japan's national general insurance industry association. Comparable in structure and mandate to ICNZ but operating in the Japanese market with a focus on domestic catastrophe response (earthquake, typhoon).
- Hong Kong Federation of Insurers: Self-regulating body representing insurers in Hong Kong. Performs similar trade association functions as ICNZ but is geographically focused on the Hong Kong market.
Broad incumbents
- American Property Casualty Insurance Association: US national trade association representing property-casualty insurers. Broader and larger than ICNZ but serves the same P&C advocacy and regulatory engagement function for the US market.
Others
- Global Federation of Insurance Associations: Umbrella organization representing 41 national insurance associations across 64 countries. ICNZ is a member with its CEO on the Executive Committee; GFIA is the international-level counterpart to ICNZ's national role.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Insurance Council of New Zealand social profiles
Digital presenceInsurance Council of New Zealand financial estimates
Financial estimateRevenue estimate
Valuation estimate
Insurance Council of New Zealand leadership team
Management profileNumber of profiles
Profiles10 records
Insurance Council of New Zealand subsidiaries and ownership
Company hierarchySubsidiaries1 record
Insurance Council of New Zealand funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Insurance Council of New Zealand M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Insurance Council of New Zealand
What does Insurance Council of New Zealand do?
Insurance Council of New Zealand (ICNZ) is a non-profit industry association representing general insurance companies in New Zealand, with members writing more than 95% of all general insurance in New Zealand. It provides industry advocacy, regulatory engagement, consumer education, fraud prevention through the Insurance Fraud Bureau (IFB) and Insurance Claims Register (ICR), market data reporting, and disaster recovery coordination.
Is Insurance Council of New Zealand a public or private company?
Insurance Council of New Zealand is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Insurance Council of New Zealand founded?
Insurance Council of New Zealand was founded in 1895. It employs 11 to 50 people.
Where is Insurance Council of New Zealand based?
Insurance Council of New Zealand is headquartered in Wellington, New Zealand, in the Oceania region.
How does Insurance Council of New Zealand make money?
One revenue line is on record: membership Dues.
Who are Insurance Council of New Zealand's main competitors?
Direct peers on record are Insurance Council of Australia, Insurance Information Institute, Association of British Insurers and Insurance Bureau of Canada. Regional players are General Insurance Association of Japan and Hong Kong Federation of Insurers. American Property Casualty Insurance Association is listed as a broad incumbent. Global Federation of Insurance Associations is listed as an others.
Does Insurance Council of New Zealand have an API?
No public API is recorded for Insurance Council of New Zealand.
What industry is Insurance Council of New Zealand in?
Insurance Council of New Zealand's product category is Insurance Industry Association. Its primary akta.pro industry code is HLAJAGAB, Disaster Response Coordination & Incident Command (EOC/ICS), with a secondary code of EUAHALAE, Incident Command System (ICS) & Emergency Management Training/Exercises (Tabletop/Drills). Its NAICS code is 524 and its SIC code is 8600.