Category: Global regulation · Reviewed by Matt Bartlett, Director · Founder · Last reviewed 2026-06-05
The Insurance Council of New Zealand (ICNZ), now also known by its Māori name Te Kāhui Inihua o Aotearoa, is the principal industry body representing general (non-life) insurers in New Zealand. It is not itself a regulator — prudential supervision of insurers is conducted by the Reserve Bank of New Zealand (RBNZ) under the Insurance (Prudential Supervision) Act 2010 — but it is a key counterparty in government and regulator engagement on the New Zealand insurance market.
Category: Global insurance regulation Also known as: ICNZ, Te Kāhui Inihua o Aotearoa Jurisdiction: New Zealand Founding: Incorporated society; current name and structure 2002 Related concepts: APRA Australia, Solvency II
ICNZ represents approximately 90% of New Zealand general insurance gross written premium through its member companies, including IAG New Zealand, Suncorp New Zealand (Vero), Tower, FMG, Medical Assurance Society, and the local presences of international groups. Its functions include public policy advocacy, industry data publication, the management of disaster response and pandemic response on behalf of the industry, and the operation of the Insurance Claims Register (the ICR) for fraud prevention.
ICNZ is an incorporated society under New Zealand law. It is not a statutory regulator. The statutory regulator of New Zealand insurers is the Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010 (IPSA), supplemented by RBNZ Solvency Standards. Conduct regulation is conducted by the Financial Markets Authority (FMA) under the Financial Markets Conduct Act 2013 and (from 2025) the Conduct of Financial Institutions framework under the FSLAA Conduct Amendment Act.
ICNZ provides industry coordination on natural hazard insurance (notably the Earthquake Commission scheme post-Canterbury earthquakes), residential property insurance market reform, climate-related disclosures, and the response to weather events such as Cyclone Gabrielle (February 2023). The Earthquake Commission Act 1993 (now the Natural Hazards Insurance Act 2023) provides a state-backed first-loss layer for residential earthquake and natural hazards loss, with private insurers providing the excess.
ICNZ is functionally similar to the Association of British Insurers (ABI) as an industry trade body. The RBNZ’s prudential regulation of insurers is closer in scale and approach to the PRA’s approach to smaller insurers; the New Zealand market is dominated by Australian-owned composites. The FMA’s conduct regime, particularly the Conduct of Financial Institutions licensing introduced from 2025, broadly parallels FCA Consumer Duty principles.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-05. Next review: 2026-12-05.
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