Amanda Whiting on “the reality” facing New Zealand’s insurance industry

Amanda Whiting on “the reality” facing New Zealand’s insurance industry | Insurance Business New Zealand

Insurance News

Amanda Whiting on “the reality” facing New Zealand’s insurance industry

IAG NZ chief talks about priorities, challenges, and what she’s looking forward to

Insurance News

By
Terry Gangcuangco

IAG New Zealand chief executive Amanda Whiting (pictured) is off to a great start this year, having recently been named president of the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) on the heels of her win as 2023 Insurance Leader of the Year at the 11th New Zealand Insurance Industry Awards last November.

Yet, even as one of the biggest names in the general insurance sector, Whiting isn’t immune from the wrath of disasters, which she believes we haven’t seen the last of.

“As much as I’m hoping for fewer weather events, the reality is that the events like we experienced in 2023 are only going to continue to be more frequent and more severe,” Whiting conceded during an interview with Insurance Business.

“The impact of the cyclone, storms, and resulting flooding on many New Zealanders and their communities was devastating, so I’m really hoping that those affected can return to normality as soon as possible.”

Moving forward, Whiting has sustainability among the key things at the top of the agenda for the New Zealand CEO at IAG.

She told Insurance Business: “Some of the biggest challenges for our industry include the challenge of how we continue to keep insurance affordable, which also leads into the question of, ‘What does the sustainability of New Zealand look like in a changing climate?’

“With insurance affordability and a sustainable insurance business top of mind, I want us to continue to transform our direct business, doing everything we can to ensure New Zealanders continue to have access to insurance that is easy to understand and simple to buy.”

Additionally, amid an increase in cybersecurity events, Whiting wants to ensure that IAG NZ customers are protected – not only by providing strong insurance products but also through heightened internal security measures, making sure her camp continues to keep customers’ information safe.

In terms of opportunities, the chief executive cited New Zealand’s new government and what she thinks the insurance sector can collaborate with the country’s leaders on.

“As an industry, we have a new government to work with, and there is a huge opportunity for all industry players to work together to make a real difference around flood resilience,” Whiting said. “I firmly believe that New Zealand could lead the way on adaptation, globally.

“I also think there is a way we can harness new technology and AI (artificial intelligence), which will only further the ways in which we can support our customers.”

The new ICNZ president went on to tell Insurance Business: “I’m excited about how we continue to work together as a general insurance industry – last year during the weather events we demonstrated the power of coming together to ensure customers and our many stakeholders remained informed and supported.”

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