Natural hazard risks driving more New Zealanders to seek expert help frominsurance brokers 

• 91% of IBANZ brokers report increased demand for natural hazard insurance advice

• 60% say natural hazards and climate change making insurance harder to place 

As concerns about natural hazard risks make general insurance more expensive and harder tosecure, new research shows Kiwis are increasingly turning to insurance brokers for help.

The Insurance Brokers Association of New Zealand (IBANZ) has produced the first comprehensiveassessment of the value of New Zealand's insurance broking profession to the New Zealandeconomy and communities, demonstrating how brokers are helping New Zealanders understandrisk, make informed decisions and build financial resilience.

One of the key findings of a broker survey1 conducted by IBANZ is that 91% of respondents reportedincreasing client demand for expert advice on natural hazard risks.

With the Auckland Anniversary Floods, Cyclone Gabrielle and the Kaikōura Earthquake among New Zealand's most costly insurance events, brokers say resilience, risk management and access to insurance protection are top of mind for their clients. However, brokers are also reporting that it’s becoming more difficult to find solutions. More than60% of broker respondents agreed that insurance has become harder to place due to natural hazards and climate change.

IBANZ Chief Executive Katherine Wilson says the findings demonstrate the value brokers are delivering by helping New Zealanders navigate increasingly complex decisions around risk, resilience and insurance.“Insurance brokers have access to a wider range of specialist products than clients can access themselves. They help clients understand the technical details of available covers and weigh up the risks and benefits. The role of brokers in helping clients secure the cover they need in an increasingly complex insurance landscape has never been more important.

”New Zealand’s general insurance market (motor vehicle, domestic, commercial) represents $10.5bnin annual gross written premiums, up from $7.5bn in 2021. IBANZ members account for 60% of all general insurance premiums placed in New Zealand.

Claims are often the moment when broker expertise is most visible. Respondents reported that more than 96% of broker managed claims are paid. Wilson says, “Broker firms invest significant times supporting clients throughout the claims process, with 57% handling more than 500 claims annually and 22% handling more than 2,000 claims each year.

”Insurance brokers are part of New Zealand’s financial and insurance services industry2, the seventhlargest in New Zealand with a direct economic contribution of $15.9b - more than agriculture,wholesale trade, transport, telecommunications and education.

Half of all financial and insurance workers hold a bachelor’s degree or higher qualification, comparedwith 30% across all other industries. This highly educated cohort is reflected in earnings; the financeand insurance industry is amongst the highest paying in New Zealand with average hourly earningsof $63.24. IBANZ corporate members employ nearly 4,000 staff, 61% are female.

¹The June 2026 survey collected information online on business size, premium volumes, workforce characteristics, claims activity, client numbers, regulatory impacts and future business expectations. The data is based on completed responses from around 50% of the IBANZ corporate membership and is considered representative of the broker market in New Zealand.