South African personal lines insurer Youi says there has been “no fundamental decision yet” whether to enter the New Zealand insurance market.

A board meeting of the challenger brand’s board this week will discuss international expansion generally.

“We are certainly looking at expansion opportunities,” Youi Australia spokesman Trevor Devitt told insuranceNEWS.com.au.

Commenting on a New Zealand media report that the insurer will set up in New Zealand in a bid to exploit weak price competition in the car, house and contents insurance markets, he says Youi is currently hiring staff for a call centre it has set up in Auckland.

However, the call centre is intended to service the Australian market, offering extended business hours for calls.

The South African-based insurer opened for business in Australia in 2008 and has 500,000 policies written here, Mr Devitt says.

Youi’s South African parent has flagged plans to expand the brand into New Zealand and to grow further in Australia. The plans were contained in results posted in March by OUTsurance, a division of Rand Merchant Insurance Holdings.