Tim Grafton, Chief Executive of The Insurance Council of New Zealand, Te Kāhui Inihua o Aotearoa (ICNZ), has announced he will be stepping down from his position next year.
Grafton, who has given nearly 12 years of service to ICNZ, has expressed a desire to explore new opportunities and will do so after the organisation’s Annual General Meeting in April 2024.
Throughout his tenure, he has navigated the industry body through 96 significant insured incidents in New Zealand, including the Canterbury earthquakes, the Kaikoūra earthquake, major floods, tornadoes, fires and cyclones.
These major events ranged in scale from just over NZ$1m (US$592m) to the estimated NZ$3.5bn in insurance claims for the twin disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle earlier this year.
Grafton is also credited for leading the industry’s engagement with the Government and for modernising and strengthening New Zealand’s insurance legislation and regulation.
In a statement, ICNZ commended Grafton’s effort and contribution to the industry body. Toni Ferrier, ICNZ’s President, said, “The ICNZ Board are grateful for the contribution that Tim has made to the industry over many years.”
The ICNZ is now searching for a suitable replacement. “[We] will be looking to recruit a new CEO who will be as committed to the future of Aotearoa New Zealand, the community and the general insurance sector as Tim has been,” Ferrier added.
Grafton also holds the position of Vice-President of the Global Federation of Insurance Associations, which he will hold until he leaves the Council.