After several years of negotiation, New Zealand’s two broker organisations have finally voted to unite under one banner. Members of the Corporation of Insurance Brokers of New Zealand (CIBNZ) and the Independent Insurance Brokers Association (IIBA) gave the unity vote 100% support at a conference in Rotorua last week.

The unity vote won’t come into effect until next April, when arrangements to form the new Insurance Brokers Association of New Zealand (IBANZ) will be finalised.

CIBNZ mainly looks after the interests of NZ’s corporate brokers, while IIBA represents smaller, locally owned operators. A previous unity vote in Wellington four years ago came spectacularly undone when some IIBA members revolted, ostensibly because they feared being dominated by the big brokers. Since then the two organisations’ boards have been healing rifts and building new understandings.

IIBA President Robert Martin said the united organisation will benefit brokers because it will be able to speak with authority on behalf of insurance buyers.

And CIBNZ President Frank Thompson said a successful vote was essential if brokers are to play a meaningful role in impending negotiations with the Government over future industry regulation. “We will be more effectively represented by speaking with one strong voice,” he said.