The New Zealand Government has appointed a five-broker panel for all its risk financing and insurance broking services, in a bid to improve efficiency.

Aon, JLT, Marsh, Willis and Arthur Gallagher-owned Crombie Lockwood won the all-of-government contract tender late last year.

Economic Development Minister Steven Joyce says government agencies spend significant amounts on risk financing and insurance.

“This new panel will ensure a more co-ordinated approach is taken to the way the Government purchases these services, and will help ensure resilience in the event of unanticipated, large-scale events such as natural disasters,” he said.

Improved risk oversight, management and financing will enable a faster response to disasters such as earthquakes. More than 750 government agencies participate in all-of-government contracts, and substantial savings have been achieved.