Insurance Council of New Zealand

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.

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

1–10 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

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

• General insurance association
• Insurance industry advocacy
• Industry representation services
• Insurance fraud prevention
• Consumer insurance education

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. 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

Core 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

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• United Nations Environmental Programme's Principles of Sustainable Insurance (PSI)coreStrategic or Co-development Partner · 1 January 2012ICNZ 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)coreStrategic or Co-development PartnerICNZ 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)coreStrategic or Co-development PartnerICNZ 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)minorStrategic or Co-development PartnerICNZ 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 ActionminorStrategic or Co-development PartnerICNZ 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

Direct 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

• Xx.com/_ICNZ
• Facebookfacebook.com/InsuranceCouncilNZ
• LinkedInlinkedin.com/company/icnz

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Insurance Council of New Zealand