New Zealand Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
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)
Buy the Full Report to Gain More Information about the New Zealand Life Insurance Market Forecast
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 |
Enquire &Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
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 (%)
Buy the Full Report for more Lines of Business Insights into the New Zealand Life Insurance Market
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 (%)
Buy the Full Report for more Distribution Channel Insights into the New Zealand Life Insurance Market
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 (%)
Buy the Full Report to Know More about the Companies in New Zealand Life Insurance Market
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.
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
Frequently asked questions
-
What was the New Zealand life insurance market gross written premium in 2023?
The gross written premium of the New Zealand life insurance market was NZD5.3 billion ($3.3 billion) in 2023.
-
What will the New Zealand life insurance market growth rate be during the forecast period?
The life insurance market in New Zealand is expected to achieve a CAGR of more than 6% during 2024-2028.
-
Which line of business held the largest share of the New Zealand life insurance market in 2023?
Life PA&H was the leading life insurance line of business in 2023.
-
Which distribution channel held the highest share in the New Zealand life insurance market in 2023?
Direct from insurer was the leading channel in the New Zealand life insurance market in 2023.
-
Which are the key companies operating in the New Zealand life insurance market?
A few of the leading life insurance companies in New Zealand are AIA, Vero Insurance, Southern Cross, Holland Insurance, and IAG New Zealand.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.