Kris Faafoi’s new gig in $27 billion industry

From journalism to politics, then lobbying, former Labour MP and Cabinet minister Kris Faafoi is trying his hand at something else — insurance.

He will begin his new role as chief executive of the Insurance Council of New Zealand in April, council president and IAG New Zealand chief executive Amanda Whiting announced this morning.

“I’m delighted we are able to appoint someone of Kris’ calibre who has a track record of demonstrated leadership together with extensive experience and understanding of the machinery of government and the financial sector,” Whiting said.

“Kris Faafoi is well known to many New Zealanders — he has a strong background in media, has served as a minister, having responsibility for many portfolios over his political career, and most recently has been running his own consulting business.

“Kris will bring strong relationship-building capability, global knowledge and an approach that will support the industry to build on its already-strong reputation.”

The Herald revealed Faafoi was heading up a government lobbying firm called Dialogue22 in October 2022, four months after resigning from Parliament in June that year.

Four months ago he posted to LinkedIn announcing he was taking up a new job as a director of Agenda Partners — a Wellington-based business consultancy, according to the Companies Office.

Faafoi owned about 50 per cent of the company.

Agenda Partners’ website and LinkedIn page were down on Friday morning last week.

In the statement announcing his new role, Faafoi said he was looking forward to it.

“It’s been a challenging 12 months for insurers. I’m looking forward to leading the industry through the next period, focusing on influencing for a sustainable industry, and, more importantly, ensuring that New Zealanders can continue to protect the things they love when disaster strikes.”

During his time in government, Faafoi held ministerial portfolios for commerce and consumer affairs for three years, broadcasting and media for four years, justice and civil defence for two years, and customs, emergency management, government digital services and housing for a year.

He was the associate minister and then Immigration Minister for about four years.

The private insurance sector had assets of about $27 billion in 2022, shared between 89 licensed insurers, according to the Reserve Bank of New Zealand, which regulates the sector.

Retiring chief executive Tim Grafton would see out a month-long handover to Faafoi from early March.

“Tim Grafton has made a significant contribution to the insurance industry that cannot be underestimated,” Whiting said.