Vero has renewed its partnership with AMP Wealth Management in New Zealand for a further five years.

The insurer has been underwriter for AMP-branded general insurance products for 20 years and produces policies that appeal specifically to AMP customers. The agreement extension will see Vero continue to underwrite general insurance products provided under the AMP brand via insurance advisers and AMP’s website.

The new agreement, which comes into full effect in January, reflects an ongoing focus on trends in customer conduct and simplification of product and pricing processes.

Vero EGM Customer Brand and Distribution Mark Wilkshire says the relationship with AMP is critical.

“Vero and AMP have had a general insurance relationship for 20 years and the new agreement represents a significant portfolio of customers,” Mr Wilkshire said. “We are delighted to not only to continue our corporate partnership with AMP, but also to update our agreement to ... deliver great customer outcomes.”

The two businesses have each operated in New Zealand for more than a century.

AMP Wealth Management CEO Blair Vernon says the AMP general insurance business has doubled in size in two decades and has paid out more than $1.4 billion in claims, “whether that’s fixing a ding in the car or responding to serious events like the Canterbury earthquakes, or even the recent flooding in West Auckland”.

“We continue to see a significant portion of clients seeking the valuable guidance of their adviser and broker to help meet their insurance needs,” Mr Vernon said. “Through the ongoing strength of our partnership with Vero we will continue to offer sustainable and trusted general insurance products.”