Youi New Zealand and Chubb Insurance have joined the Insurance Council of New Zealand (ICNZ) as they look to step up their presence in the market.

“We are delighted to have two new members and two new entrants as fully licensed insurers in the New Zealand market,” ICNZ CEO Tim Grafton told insuranceNEWS.com.au.

“It shows there is a good competitive supply of underwriting options available.”

South African-owned Youi gained a licence from the Reserve Bank of New Zealand in July and is offering products including car, home and contents and caravan and trailer cover.

Chubb’s New Zealand branch was licensed in late May.

Meanwhile, FMG CEO Chris Black has been elected ICNZ Vice-President following the resignation of Cris Knell from AIG.

Mr Black has led rural insurer FMG since 2008. He also has experience in banking, corporate strategy, customer service and financial and risk management.