It’s still early days, but ANZIIF’s new CEO Katrina Shanks isn’t wasting any time.

Shanks, a former politician and Financial Advice New Zealand CEO, took over the helm at ANZIIF in January and has been flat out visiting stakeholders, attending events and asking lots of questions.

“ANZIIF has a really long, proud history and solid foundations, so what I would like to do is build on that in terms of engaging with the insurance sector, with regulators and policymakers, and being in front of what’s coming at us,” she says.

For Shanks, there are many issues facing the industry, including tough new compliance measures and a market that is under pressure from natural disasters and macroeconomic forces such as inflation. 

“We’re seeing the affordability of insurance becoming a challenge, both locally and overseas,” observes Shanks. “I think there are a lot of other issues that will need [the industry] to work through in the long term. It remains to be seen whether the insurance and financial service sectors do this on their own or in collaboration with government.”

Values forged at an early age

Born in the small town of Dannevirke, in New Zealand’s North Island, Shanks grew up on a farm. Her parents also ran shoe manufacturing and retail businesses and exported products overseas.

With a population of 5,000, Shanks recalls that “everybody in Dannevirke knew everybody”.  

When she was 12, Shanks went to boarding school at Masterton, about two hours away from home — a foundational experience she credits with helping to build her independence and resilience.

Shanks says she was also inspired from an early age by her grandmother, a strong businesswoman who was “before her time”.

“My grandmother ran multiple businesses [and] was on many councils and hospital boards,” she says. “She was very forward thinking and wanted to make a difference in people’s lives. As a result of her influence, public service and putting others before herself, I ingested these values into my life and career.”

After completing a Bachelor of Business Studies at Palmerston North’s Massey University, Shanks became a senior auditor for Audit New Zealand and later started her own accounting business. In between, she worked at Newton Investment Management in the United Kingdom and then at Westpac Trust in Wellington.

Political career

Shanks joined the New Zealand National Party in 2001 and stood for parliament in 2005, narrowly missing out on beating the incumbent. 

After the election, Shanks assumed the role of financial controller of the National Party, and then entered parliament 18 months later. “Parliament and being an MP is really exciting and rewarding,” she says.

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