New Zealand’s insurance brokers organisation has cancelled its November industry awards celebration in the face of a similar event to be staged two weeks before by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

Insurance Brokers of New Zealand (IBANZ) CEO Gary Young announced the cancellation of its event this morning, saying that considering the small size of the New Zealand insurance market, “it is not in the best interests of the insurance industry” to have two competing events.  

“IBANZ developed the annual insurance awards several years ago to ensure that excellence and professionalism in New Zealand would be celebrated in an appropriate manner,” he said. “Our awards have become very successful and firmly established in the market as a credible way of recognising outstanding performance.”

ANZIIF last year decided to move into the New Zealand market with its own awards event.

After a standoff that lasted several months, IBANZ negotiated to include ANZIIF as a partner in its awards, “as we believed it would be inappropriate to have a second awards event introduced”, he said.

However, the brokers’ group found its ability to be involved in the organisation of the joint event last year was compromised.

Negotiations between the two groups to modify this year’s event to make it “more of a true joint venture” failed to reach agreement on a number of aspects.

This included the marketing of the event, which is controlled from Australia and was criticised last year for being a “cut and paste” from ANZIIF’s Sydney awards.

It’s understood IBANZ also wanted ANZIIF’s “self-promotion” – which irritated guests at last year’s awards – to be minimised.

ANZIIF, in turn, wanted to impose restraints on IBANZ activities at the dinner and awards presentation, and refused to agree to the use of independent agency Business Excellence for judging the awards.

Mr Young told insuranceNEWS.com.au last month his association’s requests for amendments to the way this year’s event is run “were either ignored or rejected”.

The IBANZ board is understood to have decided that in the face of ANZIIF’s refusal to consider its views or modify its approach, it should go it alone with the already-scheduled November 6 event in Auckland.

ANZIIF immediately announced it would host its own awards dinner in Auckland on October 24 – two weeks before the IBANZ awards.

“As the largest professional educator and membership body for the New Zealand insurance industry, ANZIIF is committed to ensuring the success and growth of this market, its professionals and students,” a statement said.

Mr Young says IBANZ will now concentrate its efforts on other areas promoting excellence and professionalism in the insurance industry, focusing on member services and education.