Challenging the Status Quo: The future of Underwriting in New Zealand by Liz Geden
The New Zealand insurance market has long been dominated by a small number of underwriters. While this has created a level of stability, it has also resulted in restrictive underwriting practices and pricing structures largely dictated by a few key players. With little room for competition, businesses often find themselves navigating a landscape where innovation is scarce, and adaptability is limited.
The need for innovation and challenge
While the fundamental risks in the liability space remain relatively consistent, businesses are operating in an evolving financial and regulatory environment. Changes in government can lead to significant shifts in legislation and regulatory enforcement, creating uncertainty for businesses. In such times, customers need more than just coverage—they need sound advice and forward-thinking insurance solutions that anticipate and respond to these changes.
Economic pressures are further complicating the landscape. Many businesses are facing downturns in turnover and profit, challenging the traditional pricing models in New Zealand. Underwriters must now grapple with a sustainability challenge—how to maintain profitability in a market where income is declining, but risk exposure remains unchanged.
A fresh approach to Liability Underwriting
At Agile, we believe the market is ready for change. Businesses deserve an underwriting partner that is not just responsive but proactive—one that listens to customers, understands their unique challenges, and offers solutions tailored to their needs.
Our approach is built on four key pillars:
- Innovation – We challenge the conventional models and bring fresh thinking to underwriting, ensuring that businesses have access to flexible, relevant coverage.
- Customer-centric solutions – We prioritise the needs of businesses, offering bespoke solutions that evolve with the market.
- Adaptability – We understand that regulatory and economic shifts require an agile approach to risk assessment and underwriting.
- Security – Policies backed by Agile Underwriting Syndicate 2427 at Lloyd’s via our local New Zealand Syndicate Service Company.
The New Zealand market is at a turning point. Businesses need insurance partners who are willing to rethink traditional approaches and drive meaningful change. By challenging outdated models and prioritising innovation, Agile is committed to reshaping liability underwriting in New Zealand—one policy at a time.
Reach out to Liz on liz@withagile.com to chat further.
