Nine in 10 New Zealand insurance brokers are fielding more client requests for advice on natural hazard risk. Yet more than 60% say the same hazards, along with climate change, are making that cover harder to place.
The figures come from a June 2026 survey by the Insurance Brokers Association of New Zealand (IBANZ). Completed responses came from around half of its corporate membership, a sample the association considers representative of the broker market. The survey forms part of IBANZ's first full assessment of what the broking profession contributes to the New Zealand economy and communities.
Brokers say the demand traces back to recent losses. The Auckland Anniversary Floods, Cyclone Gabrielle and the Kaikōura Earthquake rank among the country's costliest insurance events, and resilience, risk management and access to cover are now front of mind for clients. The 2023 floods and Gabrielle alone caused around $4 billion in insured losses, according to the Insurance Council of New Zealand.
Placing that risk is where the pressure now sits. Gallagher Insurance NZ's April 2026 market analysis found insurers had moved from sector-wide risk assessments to individual site-level evaluations. Under that approach, two neighbouring properties can draw very different terms.
IBANZ chief executive Katherine Wilson said the findings show the value brokers deliver as New Zealanders work through increasingly complex decisions on 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."
The survey also points to claims as the stage where that work pays off. Respondents reported that more than 96% of broker-managed claims are paid. "Broker firms invest significant time supporting clients throughout the claims process, with 57% handling more than 500 claims annually and 22% handling more than 2,000 claims each year," Wilson said.
The stakes run across most of the market. New Zealand's general insurance market, covering motor vehicle, domestic and commercial lines, now writes $10.5bn in annual gross written premiums, up from $7.5bn in 2021. IBANZ members account for 60% of all general insurance premiums placed in the country.
For residential property clients, the hardest placements often turn on a single line in the LIM report. Where a council has issued a Section 72 natural hazard notice, the Natural Hazards Commission (NHC) can limit or decline claims for damage caused by that hazard. That could affect the first-loss building cover of up to $300,000 plus GST the scheme provides. IBANZ has called on the government to create a central, freely available register of properties carrying those notices.
