The Annual Insurance Industry Review 2008 - 09

Chief Executive's report

The Insurance Council's programme of work has centred on the delivery of the Strategic Plan and Blueprints laid down by the Board.

The Insurance Council has continued to develop the direction set down by members during the 2008/2009 reporting period. Our membership has continued to grow with additional members being attracted to the Insurance Council in the last two years, and the objectives set down by the Board and Membership have continued to be developed as our economy and society change.

We have been charged with representing members' interests in both domestic and international areas, representing the general insurance sector to government and to the community. We have a responsibility to communicate to the industry the needs and expectations of our government and our community, and to explain the role of the insurance industry and present the best image we can to our customers and community.

A key area of work undertaken by the Insurance Council during the reporting period has been promoting community awareness to the role and the benefits of insurance. We have worked on improving service standards across the insurance sector and promoted appropriate self-regulation and regulation to government. We have also promoted private sector provision of the insurance sector's services within a well-regulated and competitive environment.

The insurance industry has adapted to a changing economic scene, and also a new elected government for New Zealand. We have taken specific initiatives on behalf of the Insurance Council members promoting a branding project to explain the role of the industry to prospective employees and also to our customers and colleagues.

The Insurance Council established a Regulatory Committee to add to the work programme. The Regulatory Committee made significant submissions on the new Prudential Regulation under the financial reforms begun by the last government and continued by the current government.

We continue to work with colleagues in the disaster area and raising awareness of communities of the risk of under- and non-insurance.

The Insurance Council has worked extensively with the broker community, and also our other colleagues in the industry - in loss adjusting, finance and law, taxation and regulation.

The strong scrutiny the Insurance Council Board applies to the working of the Council Executive ensures that our administration procedures are thoroughly audited and fully compliant with all commercial and government requirements. The Insurance Council remains on a strong financial footing with increased membership and a stable staff.

The standard of appointments to our Standing Committees and Working Groups is at the very highest level, and I would like to thank all members participating and contributing to the work of our Standing Committees and Working Groups.

Looking forward to 2009, we have a comprehensive work programme now in place which includes adapting to the new regulatory and economic environment, building relationships with the new government and regulatory agencies. We will continue to address the issues of Fire Service funding, under-insurance, disaster preparedness and recovery, and the contribution of insurance.

The image of the industry should be enhanced through the work of the Branding Committee, and we will be looking at lifting the content of the website to ensure that New Zealanders are able to access the website through the public site, and also there will be significant technical documents attached to the members' site now redeveloped.

My thanks to the Board of the Insurance Council during the reporting period, in particular to the current President John Balmforth who stepped into the role as President following the transfer of the previous incumbents to different employment positions.

To my fellow colleagues, I also thank them for their contribution, sometimes beyond the call of duty, to assist with our members and customers.

Our Achievements List has been updated for 2008 and appears on pages 3 and 4. Our reporting process ensures that detailed actions are recorded to confirm that we are specific on the outcomes we are presenting to the members.

I continue to take great pleasure in the success of the Insurance Council, and look forward to working to enhance the contribution insurance makes to our community during 2009.

Chris Ryan, Chief Executive

Christopher Ryan
Chief Executive

Insurance Council of New Zealand

The threat of flooding
remains high.
As a nation
we must be able
to recover through the use
of insurance.

Index - Previous - Next

Current · About ICNZ · Emergencies · Consumer advice · Regulation · News · Fire protection
Home · Sitemap · Contact us