Australia’s largest truck insurer, National Transport Insurance (NTI), opened its first NZ office in Auckland last week. The company is confident it can take advantage of a local industry forecast to double over the next 15 years.

NTI estimates the NZ truck insurance market to be worth $NZ65-95 million ($54-80 million) a year – enough for the specialist firm to compete with the big general insurers which already have a strong hold on the market.

Interestingly, those dominant NZ insurers ultimately own NTI, which is a joint venture between CGU and Vero which are in turn owned by IAG and Promina respectively.

Queensland-based NTI says it insures more than 82,000 items worth $6.25 billion.