Last year was one of the most challenging years in our history. Severe floods, frosts, storms and even an earthquake coincided with devastating fire losses in several cool stores and warehouses. Normal claims costs rose as building and repair costs escalated. All these factors helped produce a disappointing financial loss.
But insurance is a long-term business. Our task is to secure the future for generations of customers and employees alike while meeting the challenges each year throws at us.
We always aim to lead. We were the first insurer to launch a range of home, contents and motor policies designed for customers who want to make a difference in the world. We were the first insurer to explain to our customers the need for sustainable price increases to truly reflect the growing level of risk within New Zealand. And we are one of a small number of companies calling on our suppliers, partners and employees to join us in focusing on sustainable business practices.
The dramatic rise of our new Head Office in Fanshawe Street is a powerful metaphor for our ability to recover, renew and lead. Our new home will be one of New Zealand’s first 5 Green Star-rated buildings and a far-sighted response to our commitment to reduce our environmental footprint.
Our new building will celebrate our culture of openness, fairness and performance. It will be a home where our people will be welcomed in an environment where state-of-the-art features like solar heating and underfloor air conditioning will combine with rooftop gardens, open plan design and artefacts from our proud past. The best of the old and the new will combine in perfect harmony as we learn from our past and innovate towards the future.
Last year was a financial year to remember and learn from. But I am looking forward to standing in the roof garden of 1 Fanshawe Street this time next year, confident we will have addressed our challenges and I will be viewing our customers going about their evening with IAG NZ right at the heart of their lives and businesses.
We have looked after New Zealanders for 150 years and intend to do so for another 150 years and more. NZI and State represent insurance for all New Zealanders; there is no-one better.
Ian Foy Chief Executive Officer
IAG New Zealand Ltd