Best Underwriting Agencies in New Zealand | Brokers on Underwriting Agencies 

The data backs it up. Kiwi brokers have no plans to walk away from their underwriting agency partners as the market softens. 

Uprichard says, “In such a relationship-driven market, brokers value underwriting partners who can combine that decisive, informed service with a genuine commitment to collaboration and long-term trust.” 

IB’s inaugural Brokers on Underwriting Agencies 2025 survey shows: 

• A total of 91% of brokers are very likely to keep working with agencies even when capacity returns: That points to a durable change in broker behaviour. It is happening in a concentrated market where agencies still hold about a tenth of the pie, while industry leaders want that share to reach 20–25%. The bar is high, and this year’s winners illustrate how to grow in a small pool through better service, quicker decisions and products that fit New Zealand risks. 
   

 

• Brokers now treat underwriting agencies as core partners: Double-digit placement is the norm, full-agency books exist and only a small minority keep usage in the 1–0% range. That signals embedded use, not a stopgap. With most books still under half placed via agencies, there is room to grow towards the 20–25% market share target. The best underwriting agencies are positioned to capture that with service, speed and specialist cover. 

• Brokers rate service, coverage and claims handling as the true differentiators. Commission structures sit at the bottom of their priorities, underscoring that agencies win on responsiveness and reliability. 
   

 

IB surveyed Kiwi brokers to identify the top underwriting agencies across eight insurance lines. They named their top three agencies in each line, assessed whether turnaround times, product ranges and pricing had improved or worsened over the past year and ranked seven service factors, including service levels, coverage and claims turnaround time. Scores determined the top three agencies per line, with gold, silver and bronze awarded. 

Brokers gave underwriting agencies solid marks across the board, but the highest praise went to technical expertise and responsiveness, areas that define day-to-day broking relationships. 

Agencies are performing strongly where it matters most: 

• knowledge 
   

• communication 
   

• product range 
   

• ability to place niche or emerging risks 

Those are now table stakes in a tight market. 

For Uprichard, top-level service from an underwriting agency is about responsiveness, especially in a soft market where brokers are stretched to support both new and existing clients. 

“Brokers need to know they can get a quick, credible answer, backed by a quality product and sustainable capacity,” he explains. “It’s also about accessibility and accountability, in terms of having access to local decision-makers and knowing they can pick up the phone or meet face to face when needed. That personal connection still matters hugely in our market.” 

Lower scores for technology, marketing support and compensation show where agencies still have ground to cover. Tech capability, in particular, remains a gap, hinting that brokers value it but aren’t yet seeing consistent delivery. Pricing and reputation sit in the middle tier, reflecting acceptable but not standout performance. 

 

 

• Performance driven by expertise: Brokers rate agencies highly for product knowledge and technical depth, confirming that specialist know-how remains their key advantage. 
   

• Responsiveness equals trust: Matching the top score, quick turnaround and accessible underwriters are the biggest performance drivers.
   

• Niche capability matters: Agencies that can place complex or emerging risks are earning strong broker confidence. 
   

• Technology lag persists: Automation and digital tools are not yet a differentiator, with room for improvement across the sector. 
   

• Commercial factors rank low: Compensation, marketing and pricing trail the pack, showing that brokers prioritise capability and service over incentives. 

Uprichard notes that in terms of innovation, agencies have been refining products and processes through technology and partnerships. 

“But I’d also like to see us use that same technology to revisit existing products,” he adds. “With the advances we’ve seen in data, modelling, design thinking and, of course, AI, we’re now able to approach risk and product design in new ways, creating solutions that are more responsive to how clients experience risk in practice and, importantly, how coverage performs when it’s needed.” 


Brokers’ comments reinforce the results. Underwriting agencies are performing well overall, but brokers still want faster, easier and more consistent service. 

Many respondents said they were “pretty happy” or had “no improvements” to suggest, which supports IB’s findings that satisfaction and loyalty are high. Where improvement is needed, it centres on “fast communication”, “turnaround times on general inquiries” and “longer-term agreements with underwriters”. 

Requests for better pricing consistency, online portals and stronger technical knowledge show that brokers want refinement rather than reinvention. Mentions of “thought leadership and education” point to agencies stepping into adviser and specialist underwriting partner roles, beyond simply supplying capacity. 

“Underwriting agencies are known for being product specialists, experts in their chosen fields or segments. But as they mature, many look to expand into complementary product lines, ensuring they have the right resources to maintain that specialist standard,” Uprichard says. “So, I don’t see it as an either/or per se. Where agencies broaden their scope, they tend to do it with the expertise and discipline needed to sustain quality across a wider offering.” 
 

Mordor Intelligence’s New Zealand Property and Casualty Insurance Market (2025-2030) Report states the country’s P&C insurance market sits at an estimated US$11.75 billion in 2025 and is projected to reach US$18.72 billion by 2030, tracking a 9.76% CAGR. 

Growth is being pushed by:  

• rising property values 
   

• more frequent climate-driven losses 
   

• regulatory moves towards risk-based pricing 

Rapid digital uptake across underwriting and distribution extends reach and efficiency. Gross earned premiums have climbed to US$12.7 billion, showing a market with depth despite ongoing capital-cost pressure and the lingering reinsurance impact of Cyclone Gabrielle’s US$930 million bill. 

Capacity remains constrained as global reinsurance markets stay tight, with local agencies often absorbing that volatility through tailored placements. 
 

Commercial lines are where most of the innovation is happening. Demand for cyber, professional liability and directors-and-officers cover continues to rise, while personal lines remain the volume base but face affordability strain as rebuild and repair costs climb. Property cover still commands more than half the market, and specialty or emerging products, such as parametric and micro-covers in particular, are posting double-digit growth through 2030. 
 

Distribution stays largely broker-led, with independent agents accounting for approximately 61.6% of premiums, underscoring the broker’s role in placing complex risks. Embedded and partner platforms, expanding at about 7.9% CAGR, are folding insurance into mortgages, real estate transactions and e-commerce channels, giving customers more convenient access. That hybrid model is also creating space for managing general agencies (MGAs) to expand. 
 

MGAs are now the bridge between global reinsurers and New Zealand clients, bringing specialty capacity into areas such as:  

• marine cargo 
   

• professional indemnity 
   

• weather-indexed protection 

Their flexibility and technical flair are filling gaps left by larger carriers, adapting to Conduct of Financial Institutions compliance and rising reinsurance costs. For brokers, MGAs remain the go-to option for tailored placements that combine international backing with local underwriting expertise. 

That adaptability, says Uprichard, is what sets the best agencies apart. “Agility and innovation are core traits of underwriting agencies,” he explains. “We’ll continue to see them at the cutting edge of technology, finding new ways to deliver solid, customer-focused solutions. While many agencies aren’t directly regulated, I’ve been impressed by how many have proactively adapted to meet these changes rather than waiting for them to filter down.” 

 

Regional differences tell a similar story. The North Island holds about 53% of national premiums and leads growth at 7.4% CAGR, helped by urban rebuilding and greater catastrophe awareness. The South Island is benefiting from agricultural and tourism-driven specialty lines. 

Market concentration remains moderate: IAG New Zealand, Suncorp’s Vero, AA Insurance, Tower and FMG still dominate, while niche players continue to widen the MGA footprint. 

New Zealand’s insurance market remains resilient and adaptive, with underwriting agencies positioned to capture growth through agility, expertise and stronger digital infrastructure.


 

Deloitte’s 2026 Global Insurance Outlook helps explain the next leg for New Zealand. Premium growth is expected to cool as competition returns and rate momentum fades, putting execution in the spotlight. 

Carriers are reworking operating models, upgrading cores and applying AI to underwriting and claims to speed decisions brokers rely on. Embedded distribution will keep expanding, but brokers remain central for complex risks.  

Regulators are pressing for stronger data, solvency and climate resilience, which favours market participants that can evidence fair conduct and pricing discipline. 

For brokers, this means agencies with data-driven underwriting, regulatory discipline and quick turnaround will be best placed to convert opportunity into placed risk. 

As cyber threats evolve and capacity returns, brokers across New Zealand want underwriting partners who make fast, informed decisions and stand by them when things go wrong. 

After several tough years, competition has picked up and pricing has eased. Service, technical depth and reliable claims support matter more than ever. 
 

The renowned firm has become that partner, winning the gold medal and brokers’ confidence through personal service, education and practical tools that make cyber cover easier to use. 

Brokers shared their views on why Emergence’s cyber offering is tops: 

• “Fills a gap and specialty in the market” 
   

• “Comprehensive and lots of support from the team” 
   

• “Increasing number of cyber claims are affecting SMEs in NZ” 

The leading specialist cyber insurer also fields the largest dedicated cyber underwriting and business development team in the country, which means brokers can reach local decision-makers quickly. 

Its award-winning Cyber Event Protection (CEP-005) policy is continuously updated and includes built-in services such as cybersecurity consultations, incident response planning and dark web monitoring. These tools help policyholders reduce risk before an attack occurs. 

“The cyber market is experiencing a notable shift as rates decline globally and competition increases. Right now, supply outweighs the demand,” COO Colin Pausey says. “We pride ourselves on going above and beyond with every placement and claim, ensuring brokers and their clients feel our commitment to service each day.” 

Cyber insurance is all Emergence does. That focus is reflected in its 10-year track record and a service model built entirely around brokers, which includes:  

• regular office visits by its team  
   

• comprehensive cyber training 
   

• resources such as the Cyber SyncUp events and the recently launched Cyber Claims Data Insights annual reports help brokers guide clients through a complex and fast-moving threat environment 

“What sets us apart is the combination of personalised service and smarter cyber protection,” adds Pausey. “Brokers notice it immediately because we do more than provide a policy; we provide expertise, guidance and hands-on support from day one.” 
 

Speed in the heat of a claim is the real test. In one recent severe ransomware attack, just days before the client was to host a major event, the threat actor demanded a ransom in excess of US$1 million and claimed to have stolen sensitive data. 

Emergence pulled together forensic, legal and communications specialists within minutes of notification. The client’s IT and operational systems were hit. A recovery plan was executed with digital forensic specialists working on-site around the clock. 

Backups were restored, and the client was fully operational in eight business days. A ransom negotiator confirmed only a small subset of personal data was exposed, which limited notifications and reputational impact. The event went ahead as planned. 

Emergence sees ongoing potential among underinsured SMEs, where awareness still trails exposure. The company plans to keep investing in product evolution, broker education and service improvements that turn complex technology into protection people can use. 
 

 

• Brokers are staying with underwriting agencies as conditions ease, confirming embedded, long-term partnerships. 
   

• Service wins the work: fast answers, technical depth and decisive claims support matter more than commissions or marketing.
   

• There is still runway: MGAs are converting global capacity into local solutions, and agency share can climb towards the 20–25% target. 
   

 

Best Underwriting Agencies in New Zealand | Brokers on Underwriting Agencies  

• 
  Emergence NZ
   
  
• 
  Underwriting Agencies of New Zealand (UANZ)
   
  

Commercial insurance 

• DUAL New Zealand
  Gold
• Delta Insurance
  Silver
• Insure Direct
  Bronze
• TLC Insurance
  Bronze

Cyber 

• 
  Emergence NZ
   
   
  

• Delta Insurance
  Silver
• DUAL New Zealand
  Bronze

Financial lines 

• Delta Insurance
  Gold
• DUAL New Zealand
  Silver
• Agile Insurance Group
  Bronze

Liability 

• Delta Insurance
  Gold
• DUAL New Zealand
  Silver
• 360 Commercial
  Bronze

Marine 

• Nautilus Marine Underwriting Agency (NM Insurance)
  Gold
• Ando Insurance
  Silver
• Mariner Marine Insurance
  Bronze

Motor vehicle 

• Ando Insurance
  Gold
• Star Insurance Specialists
  Silver
• Insure Direct
  Bronze

Plant and machinery 

• 
  Underwriting Agencies of New Zealand (UANZ)
   
  

• TLC Insurance
  Silver
• DUAL New Zealand
  Bronze

Property  

• 360 Commercial
  Gold
• DUAL New Zealand
  Silver
• Delta Insurance
  Bronze