New Zealand Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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New Zealand Life Insurance Market Report Overview

The gross written premium of New Zealand life insurance market was NZD5.3 billion ($3.3 billion) in 2023 and is expected to achieve a CAGR of more than 6% during 2024-2028. The New Zealand life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

New Zealand Life Insurance Market Outlook, 2023-2028 (NZD Billion)

New Zealand Life Insurance Market Outlook, 2023-2028 (NZD Billion)

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The New Zealand life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the New Zealand economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) NZD5.3 billion ($3.3 billion)
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Whole Life

·        Universal Life

·        Term Life

·        Life PA&H

·        Other Life

Key Distribution Channels ·        Direct from Insurer

·        Insurance Broker

·        Bank

·        Financial Advisor

·        Online Aggregator

·        Other

Leading Companies ·        AIA

·        Vero Insurance

·        Southern Cross

·        Holland Insurance

·        IAG New Zealand

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New Zealand Life Insurance Market Trends

Environmental, Social, and Governance (ESG) initiatives, inclusive insurance, and insurtech are the recurring trends in the New Zealand life insurance market.

  • ESG has been a major theme for all large businesses for a few years now and will remain a central part of any leading business’s strategy over the coming years.
  • Investments in insurtech to improve the overall insurance value chain are expected to gain traction over 2024–28.

New Zealand Life Insurance Market Segmentation by Lines of Business

Capitalization was the leading life insurance line of business in 2023

The key lines of business in the New Zealand life insurance industry are whole Life, universal Life, term Life, Life PA&H, and other life . The rise in healthcare costs and increasing health awareness have pushed demand for personal accident and health insurance. This, in turn, will drive market growth during the forecast period.

New Zealand Life Insurance Market Analysis by Lines of Business, 2023 (%)

New Zealand Life Insurance Market Analysis by Lines of Business, 2023 (%)

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New Zealand Life Insurance Market Segmentation by Distribution Channels

Direct from insurer was the most preferred channel to purchase life insurance in 2023

A few of the key distribution channels in the New Zealand life insurance industry are direct from insurer, insurance broker, bank, financial advisor, online aggregator, and other.

New Zealand Life Insurance Market Analysis by Distribution Channels, 2023 (%)

New Zealand Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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New Zealand Life Insurance Market - Competitive Landscape

IAG New Zealand was the largest life insurer in 2023

A few of the leading life insurance companies in New Zealand are:

  • AIA
  • Vero Insurance
  • Southern Cross
  • Holland Insurance
  • IAG New Zealand

New Zealand Life Insurance Market Analysis by Companies, 2023 (%)

New Zealand Life Insurance Market Analysis by Companies, 2023 (%)

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New Zealand Life Insurance Market - Latest Developments

  • On October 13, 2023, the External Reporting Board (XRB) published a comparison document stipulating the differences between the Aotearoa Climate Standards (NZ CS) (ESG) and the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards (IFRS S1/S2).
  • On July 18, 2023, the Financial Markets Authority issued an information sheet stipulating its expectations for disclosures related to scenario analysis under the CRD regime in New Zealand.

Segments Covered in the Report

New Zealand Life Insurance Lines of Business Outlook (Value, NZD Billion, 2019-2028)

  • Whole Life
  • Universal Life
  • Term Life
  • Life PA&H
  • Other Life

New Zealand Life Insurance Distribution Channel Outlook (Value, NZD Billion, 2019-2028)

  • Direct from Insurer
  • Insurance Broker
  • Bank
  • Financial Advisor
  • Online Aggregator
  • Other

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in New Zealand.
  • Historical values for the New Zealand life insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top life insurance companies in New Zealand and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of New Zealand’s life insurance segment.
  • A comprehensive overview of New Zealand’s economy, government initiatives, and investment opportunities.
  • New Zealand’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
  • New Zealand’s life insurance segment’s market structure gives details of lines of business.
  • New Zealand’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by New Zealand’s life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to New Zealand’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in New Zealand’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

IAG New Zealand
Hollard Insurance
Southern Cross Medical Care Society
Vero Insurance New Zealand
AIA
Great Lakes Insurance
Swiss Re Life & Health Australia
Hannover Life Re of Australasia

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Appendix

Frequently asked questions

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