New Zealand’s Council of Financial Regulators says it will work to deliver a “forward-looking, fair, stable, competitive and efficient” vision for the insurance industry.

The council, which includes representatives from the Insurance Council of New Zealand, the Financial Markets Authority and Natural Hazards Commission Toka Tu Ake among other regulators and industry groups, says it aims to provide “a common reference point” for the industry’s direction.

“With the increased frequency of weather-related events, supply chain challenges and cost-of-living pressures, it is more important than ever that financial regulators and the industry come together to help New Zealanders understand and manage their risk,” the council’s insurance forum chair Clare Bolingford said.

“The vision will provide a common reference point for the forum when discussing and prioritising issues, including insurance accessibility and affordability, insurance literacy and building greater resilience.”

The council says it will take “a leading role” to ensure regulators communicate regularly with insurers and are co-ordinated before any industry changes.