TACKLE THE FUTURE WITH CONFIDENCE
About AIG
A leading global insurance organization, AIG was founded nearly 100 years ago in 1919. Today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions.
We’re people who believe that with the right values and hard work, anything is possible. Together, we’re working to help see, build, and secure a better future for everyone.
Operating in New Zealand since 1970, we offer a comprehensive range of corporate and commercial insurance and risk management products and services, helping New Zealand companies capture today’s opportunities and look to the future with confidence.
Expertise
Commitment
Richie McCaw talks about the key to success.
Careers
Working for AIG
At AIG, our job is to help businesses, families, and individuals protect the things that they value the most, both in New Zealand and around the world. In doing so, we are guided by the same values as the hugely successful teams that we sponsor: determination, strength, integrity, teamwork.
AIG offers you world-class opportunities in a broad range of disciplines. From underwriters, claims examiners and engineers, through to professionals in the finance, legal, IT, and communications fields. When you work for AIG, you’ll receive the training, leadership and support you need to take you where you want to go. And with offices around the world, a career at AIG could take you just about anywhere.
If you want to join our team and be a part of a leading global organisation, begin your journey now.
What’s it like to work at AIG? Learn more about our international
culture, our focus on social responsibility, and our commitment to our
communities.
AIG traces its roots to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. Since then, an enterprising spirit, ingenuity, and tenacity have built the company into one of the world’s leading insurers, with offices in over 100 countries. The first New Zealand office opened in Wellington on 11 November 1970, with the Auckland office opening shortly after.
Today, AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients.
AIG Insurance New Zealand Limited (Company) is a wholly owned subsidiary of American International Group, Inc. (AIG), headquartered in New York.
One of the largest insurance companies in the world, the AIG group has operated in the general insurance business in New Zealand since 1970. Until 2011 the business was a branch of a member of the AIG group based in the USA. On 1 December 2011 the branch business was transferred to the Company and the Company became the first licensed insurer under the Insurance (Prudential Supervision) Act 2010 (IPSA). With the issue of the licence the Company became subject to the IPSA regulatory regime administered by the Reserve Bank of New Zealand (RBNZ).
Solvency Margin
As at 30 June 2018, our solvency as filed with the Reserve Bank of New Zealand is as follows:
- minimum solvency capital: $33.567 million;
- actual solvency capital: $90.997 million;
- solvency margin: $57.430 million; and
- solvency result: 271.1%.
By comparison, our solvency results filed with the Reserve Bank of New Zealand as at 30 June 2017 were as follows:
- minimum solvency capital: $34.980 million;
- actual solvency capital: $89.362 million;
- solvency margin: $54.382 million; and
- solvency result: 255%.
Financial Strength Rating
The Insurance (Prudential Supervision) Act 2010 requires licensed insurers to have a current financial strength rating that is given by an approved rating agency. AIG Insurance New Zealand Limited has an A (Strong) insurer financial strength rating given by Standard & Poor’s (Australia) Pty Ltd. The rating scale, in summary form is:
| AAA | Extremely Strong |
| AA | Very Strong |
| A | Strong |
| BBB | Good |
| BB | Marginal |
| B | Weak |
| CCC | Very Weak |
| CC | Extremely Weak |
| SD | Selective Default |
| D | Default |
| R | Regulatory Supervision |
| NR | Not Rated |
The rating from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. A full description of the rating scale is available on Standard & Poor’s website.
AIG New Zealand is a member of the world-wide AIG group of companies and is obliged to ensure that all third parties with whom we have an arrangement will abide by the AIG Third Party Code of Conduct. Third Parties are required to familiarise themselves with this code.
Latest News
AIG News and Media Releases
The world is changing rapidly, and AIG is changing with it. As one of the world's leading insurers, AIG is focused on delivering world-class products and services tailored to the realities of today's fast changing environment.
AIG Knowledge and Insights Centre
Explore our Global Knowledge and Insights Centre to find out more about some key risk issues and trends happening around the world and how you can manage this exposure.