Insurance in New Zealand’s booming boating industry has become more competitive with the launch last week of an intensified effort by Allianz-owned Club Marine to grab a bigger share of the market.

Club Marine CEO Mark Bradley told insuranceNEWS.com.au the company’s products have previously been offered as part of Allianz NZ’s offerings. “Now we’ve opened a new branch in Auckland, staffed by an experienced team of leisure marine business development, claims and underwriting specialists.”

The move into the NZ market will put increased heat on established market leaders Vero, Lumley NZ and IAG.

Mr Bradley says Club Marine sees “potential for very strong growth”.

“NZ enjoys the second-highest per capita rate of private boat ownership in the world,” he said. “The country’s marine industry has been experiencing continued growth over recent years, and while the ‘mum and dad’ borrow-to-buy trailer boat market is somewhat recessed at present, the big end of the market shows no sign of slowing down.”