New Zealand Insurance Report Q2 2015
We expect the short-term outlook to remain challenging for insurers operating in the New Zealand market. While July 2015 will mark four years since the 2011 earthquake that devastated much of the Canterbury region, the effects of the catastrophe are still being felt by local insurers with Vero Insurance, part of the Suncorp brand, awarding the country's largest ever settlement to the University of Canterbury in December 2014. A surge in claims over recent years has not been mirrored in terms of premiums growth, which has remained moderate, due to a sluggish global economy and high levels of household debt. Added to this, insurers are likely to feel the effects of currency market fluctuation as depreciation of the New Zealand dollar leads to negative overall premium growth in USD terms over 2015 and 2016. A receding local currency threatens to increase the relative cost of international reinsurance products to New Zealand insurers with such products an essential barrier against potential natural disaster related payouts. There is also limited awareness of private health insurance coverage among the local population with widespread marketing of these types of products only starting in the past few years. However the low base for health insurance will see the strong growth rate for this...
The New Zealand Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's New Zealand Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the New Zealand insurance industry.
- Benchmark BMI's independent insurance industry forecasts for New Zealand to test other views - a key input for successful budgeting and strategic business planning in New Zealand's insurance market.
- Target business opportunities and risks in New Zealand through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMIs key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
BMIs Insurance Risk Reward Index
- Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
- Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).
BMIs Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a markets risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
Market Overview & Rankings
- Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
- Freight: Tonnage air freight, rail freight, road freight, inland waterway.
- Motor: Fleet size by type of vehicle % change y-o-y.
- Epidemiology: Disease Adjusted Life Years and private health expenditure.
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.
The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.
*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.
The New Zealand insurance sector is relatively mature with a plethora of international firms, many of them Australian-owned, as well as a number of smaller local players leaving relatively little space for new entrants. That said, there is scope for growth in certain areas of the market, not least property insurance which remains an important area of the wider non-life segment given the country's vulnerability to earthquakes and other forms of natural disaster. Meanwhile, the life insurance sector, though undeveloped by international standards, may offer opportunity for new and existing players owing to the low level of penetration among the local population.
BMI Industry View
Total Premiums Forecast
Total Gross Premiums
Table: Total Gross Premiums Written 2011-2018
Table: Total Insurance Claims 2005-2012
Life Premiums Forecast
Table: Gross Life Premiums Written 2011-2018
Life Insurance Drivers
Table: Insurance Key Drivers, Disease Adjusted Life Years 2011-2018
Table: Insurance Key Drivers, Private Health Expenditure 2011-2018
Claims And Payments
Table: Life Insurance Claims 2005-2012
Table: Assets 2005-2012
Non-Life Premiums Forecast
Table: Gross Non-Life Premiums 2011-2018
Table: Net Non-Life Premiums 2011-2018
Table: Non-Life Insurance Claims 2005-2012
Non-Life Sub-sector Forecast
Table: Non-Life % Breakdown 2011-2018
Motor And Transport Insurance
Table: Motor Vehicle Insurance 2011-2018
Table: Transport Insurance 2011-2018
Table: Property Insurance 2011-2018
General Liability Insurance
Table: General Liability Insurance 2011-2018
Industry Risk Reward Ratings
Asia Pacific Industry Risk/Reward Ratings
Table: Asia Pacific Insurance Risk/Reward Ratings
Life Market Overview
Non-Life Market Overview
Insurance Australia Group
Table: New Zealand's Population By Age Group, 1990-2020 ('000)
Table: New Zealand's Population By Age Group, 1990-2020 (% of total)
Table: New Zealand's Key Population Ratios, 1990-2020
Table: New Zealand's Rural And Urban Population, 1990-2020
Industry Forecast Methodology
Risk/Reward Rating Methodology
Table: Weighting of Indicators
This report does not have a list of Companies Mentioned available
This report does not have a press release associated with it