Financial regulators and industry representatives set vision for New Zealand’s insurance sector

The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand’s insurance sector.

“Our vision is for an insurance sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business,” says Clare Bolingford, Chair of the CoFR Insurance Forum and Executive Director – Regulatory Delivery at the Financial Markets Authority (FMA).

The CoFR Insurance Forum is made up of representatives from the FMA, Reserve Bank of New Zealand (RBNZ), the Treasury, Ministry of Business, Innovation and Employment (MBIE), Commerce Commission, Natural Hazards Commission Toka Tū Ake (formerly Earthquake Commission), Insurance Council of New Zealand (ICNZ), Financial Services Council (FSC) and the Financial Services Federation (FSF).

“With the increased frequency of weather-related events, supply chain challenges and cost of living pressures, it is more important than ever that financial regulators and the industry come together to help New Zealanders understand and manage their risk.”

CoFR is taking a leading role to ensure financial regulators communicate regularly and are coordinated when it comes to regulation of the insurance industry. The CoFR agencies – the FMA, RBNZ, MBIE, the Treasury and the Commerce Commission – will continue to work closely with the insurance industry to ensure that the vision is achieved.

“The vision will provide a common reference point for the Forum when discussing and prioritising issues, including insurance accessibility and affordability, insurance literacy, and building greater resilience,” Clare Bolingford said.