IUA : Everything you need to know

International Underwriting Agencies (IUA): Everything you need to know
Founded: 1997
Types of services: Insurance
In-house trades: 8+
Offices: Auckland, Christchurch, Wellington

IUA is a New Zealand-based underwriter established in 1997. It offers insurance products across a broad range of businesses types, its key areas of expertise including material damage, business interruption, commercial and private motor and personal accident insurance. It also deals with various specialist markets including event cancellation, standing timber and cyber insurance.

IUA currently operates from Auckland, Wellington and Christchurch, and deals exclusively through insurance brokers. It is an agent of Lloyd’s and other London markets, and also has a local facility with Lumley, a business division of IAG NZ, for commercial and private motor vehicle insurance.

IUA is a member of the Insurance Brokers Association of New Zealand (IBANZ), however does not provide financial advice.

IUA in the news
1997 – IUA is founded as a New Zealand-based underwriting agency
2014 – IUA enters into an agreement with Great Lakes Reinsurance, a subsidiary of Munich Re, to provide extra capacity
2016 – Munich Re divests its primary insurance arm, Great Lakes Australia, with IUA stating the move will have minimal impact on its business
2018 – IUA conducts a poll on developing technologies and corresponding cover

Key people as of 2019
Mike Street – Director of Property and Casualty

Mike Faircloth – Motor Claims

Debbie Street – Director of Operations and Marketing

Hayden Chapman – Senior Underwriter

Lilian Marais – Senior Underwriter

Neil Rossiter – Property and Casualty (Wellington)

Wendy Newman – Property and Casualty (Christchurch)

Lines of business

Liability
This includes cover for general combined liability as well as employers, statutory and excess liability and professional indemnity. The cover pertains to most occupations and products.

Property
Includes cover for material damage and business interruption, along with specific policies for fire and perils and earthquakes.

Motor vehicle
Offers cover for commercial and private motor vehicles, along with motor trade insurance.

Contract works
Offers cover for contract works based on a number of factors including occupancy, proximity to streams or rivers, project timeline and construction materials. This policy also offers cover for Christchurch rebuilds and repairs.

Contingency/entertainment events
Includes cover for cancellation and non-appearance, total event cancellation, excess theft and money cover and special contingency.

Cyber insurance
This protects against cyberattacks on businesses and covers for incidents involving system damage, business interruption, reputational harm as a result of a cyberattack, and other scenarios.

Tech insurance
Provides cover for instances including negligence, multimedia liability and advertising injury, reputational or brand damage, and cyber privacy issues.

Not the norm
This is a different kind of insurance policy covering situations which might fall into an area of ‘not the norm’.

Some of the more unusual covers IUA has arranged include:

  • Loss of taste – Cheese Taster
  • ROV’s – Worldwide (remotely operated underwater vehicles)
  • Sculptures
  • Art and Museum Artefacts
  • ATMs and Cash
  • Kidnap and Ransom

IUA : In the news