Non-Life Insurance in New Zealand, Key Trends and Opportunities to 2021

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Published: November 10, 2017 Report Code: GD-IS1610MR-ST

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GlobalData’s 'Non-Life Insurance in New Zealand Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the New Zealand non-life insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the New Zealand economy and demographics, explains the various types of natural hazard and their impact on the New Zealand insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in New Zealand:

• It provides historical values for the New Zealand non-life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the New Zealand non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the New Zealand non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in New Zealand.

• It analyzes various natural hazards and their impact on the New Zealand insurance industry

• It profiles the top non-life insurance companies in New Zealand, and outlines the key regulations affecting them.

Key Highlights

• On March 30, 2017, the Reserve Bank of New Zealand (RBNZ) issued a consultation paper on the review of the Insurance (Prudential Supervision) Act 2010.

• On March 29, 2017, the Ministry of Internal Affairs confirmed its plans to increase the fire and emergency services levy rates.

• On November 24, 2016, New Zealand’s Accident Compensation Corporation proposed new levy rates for businesses, car owners and employees for the period from 2017 to 2019.

• In January 2016, the Fair Insurance Code was released by the Insurance Council of New Zealand (ICNZ) to establish high standards of service and to check the claims being resolved by insurers. All the members of the ICNZ must operate according to the code.

• A ban on commission for insurance brokers and advisers was proposed in May 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the New Zealand non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the New Zealand non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry's future.

IAG New Zealand Ltd
Vero Insurance Ltd
Tower Insurance
AIG Insurance New Zealand Ltd
Farmers' Mutual Insurance Group
Allianz New Zealand Ltd
Ace Insurance
Medical Assurance Society New Zealand Ltd
AA Insurance
QBE Insurance New Zealand Ltd

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Profitability

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Financial advisers

6.1.3 E-commerce

6.1.4 Bancassurance

6.1.5 Other distribution channels

7 NATURAL AND MAN-MADE HAZARDS

7.1 Earthquakes

7.2 Floods and Landslides

7.3 Volcanoes

7.4 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 IAG New Zealand Ltd – company overview

8.1.2 Vero Insurance New Zealand Ltd – company overview

8.1.3 Tower Insurance (NZ) Ltd – company overview

8.1.4 FMG Insurance Ltd – company overview

8.1.5 AIG Insurance New Zealand Ltd – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Liability insurance for maritime oil pollution

9.4.2 Insurance for clinical trials

9.4.3 Medical insurance for international students

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors (IAIS)

9.5.2 Reserve Bank of New Zealand

9.5.3 Insurance Council of New Zealand

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Property Insurance

10.4 Motor Insurance

10.5 Liability Insurance

10.6 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: New Zealand Non-Life Insurance – Key Facts, 2016

Table 2: New Zealand Non-life Insurance – Leading Insurers, 2016

Table 3: New Zealand Government Credit Ratings

Table 4: New Zealand Non-Life Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2012–2016

Table 5: New Zealand Non-Life Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2016–2021

Table 6: New Zealand Non-Life Insurance – Profitability Ratio (%), 2012–2016

Table 7: New Zealand Non-Life Insurance – Profitability Ratio (%), 2016–2021

Table 8: New Zealand Non-Life Insurance – Gross Written Premium by Category (NZD Billion), 2012–2016

Table 9: New Zealand Non-Life Insurance – Gross Written Premium by Category (NZD Billion), 2016–2021

Table 10: New Zealand Property Insurance – Gross Written Premium (NZD Billion), 2012–2016

Table 11: New Zealand Property Insurance – Gross Written Premium (NZD Billion), 2016–2021

Table 12: New Zealand Property Insurance – Loss Ratio (%), 2012–2016

Table 13: New Zealand Property Insurance – Loss Ratio (%), 2016–2021

Table 14: New Zealand Vehicle Fleet Composition, 2012–2016

Table 15: New Zealand Motor Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2012–2016

Table 16: New Zealand Motor Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2016–2021

Table 17: New Zealand Motor Insurance – Loss Ratio (%), 2012–2016

Table 18: New Zealand Motor Insurance – Loss Ratio (%), 2016–2021

Table 19: New Zealand Liability Insurance – Gross Written Premium (NZD Million and US$ Million), 2012–2016

Table 20: New Zealand Liability Insurance – Gross Written Premium (NZD Million and US$ Million), 2016–2021

Table 21: New Zealand Liability Insurance – Loss Ratio (%), 2012–2016

Table 22: New Zealand Liability Insurance – Loss Ratio (%), 2016–2021

Table 23: New Zealand Marine, Aviation and Liability Insurance – Claims from Marine Incidents (NZD), 2012–2016

Table 24: New Zealand Marine, Aviation and Transit Insurance – Gross Written Premium (NZD Million and US$ Million), 2012–2016

Table 25: New Zealand Marine, Aviation and Transit Insurance – Gross Written Premium (NZD Million and US$ Million), 2016–2021

Table 26: New Zealand Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 27: New Zealand Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021

Table 28: New Zealand Major Natural Hazards, 1990–2016

Table 29: Top 10 Natural Hazards in New Zealand by Economic Damage, 1990–2016

Table 30: Top 10 Natural Hazards in New Zealand by Number of People Affected, 1990–2016

Table 31: Top Natural Hazards in New Zealand by Claims, 2014–2017

Table 32: New Zealand Non-life Insurance Segment – Leading Insurers, 2016

Table 33: IAG New Zealand Ltd – Key Facts

Table 34: Vero Insurance New Zealand Ltd – Key Facts

Table 35: Tower Insurance (NZ) Ltd – Key Facts

Table 36: FMG Insurance Ltd – Key Facts

Table 37: AIG Insurance New Zealand Ltd – Key Facts

Table 38: New Zealand – Insurance Regulatory Framework Key Features

Table 39: New Zealand – Life Insurance Regulatory Framework

Table 40: New Zealand – Property Insurance Regulatory Framework

Table 41: New Zealand – Motor Insurance Regulatory Framework

Table 42: New Zealand – Liability Insurance Regulatory Framework

Table 43: New Zealand – Capital Requirements for Establishment of Insurance Companies

Table 44: New Zealand – Corporate Tax Rates for the Financial Year 2017

Table 45: New Zealand Insurance Industry – Policies and Premium, 2012–2016

Table 46: New Zealand Insurance Industry – Policies and Premium, 2016–2021

Table 47: New Zealand Non-Life Insurance – Claims and Expenses, 2012–2016

Table 48: New Zealand Non-Life Insurance – Claims and Expenses, 2016–2021

Table 49: New Zealand Non-Life Insurance – Property Insurance, 2012–2016

Table 50: New Zealand Non-Life Insurance – Property Insurance, 2016–2021

Table 51: New Zealand Non-Life Insurance – Motor Insurance, 2012–2016

Table 52: New Zealand Non-Life Insurance – Motor Insurance, 2016–2021

Table 53: New Zealand Non-Life Insurance – Liability Insurance, 2012–2016

Table 54: New Zealand Non-Life Insurance – Liability Insurance, 2016–2021

Table 55: New Zealand Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 56: New Zealand Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 57: Insurance Industry Definitions

Figures

Figure 1: New Zealand Real GDP (US$ Billion), 2012–2021

Figure 2: NZD – US$ Exchange Rate, 2012–2021

Figure 3: New Zealand Current Account Balance as Percentage of GDP (%), 2012–2016

Figure 4: New Zealand Consumer Price Inflation (%), 2012–2021

Figure 5: New Zealand Unemployment Rate, 2012–2021

Figure 6: New Zealand Population by Age Group, 1991–2025

Figure 7: New Zealand Insurance Segment By Gross Written Premium Shares – Regional Comparison (%), 2016

Figure 8: New Zealand Non-Life Insurance – Gross Written Premium (NZD Billion), 2012–2021

Figure 9: New Zealand Non-Life Insurance – Profitability Ratio (%), 2012–2021

Figure 10: New Zealand Non-Life Insurance – Gross Written Premium by Category (NZD Billion), 2012–2021

Figure 11: New Zealand Non-Life Insurance – Gross Written Premium Dynamics by Category, 2012–2021

Figure 12: New Zealand Property Insurance – Gross Written Premium (NZD Billion), 2012–2021

Figure 13: New Zealand Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (NZD Billion and %), 2012–2021

Figure 14: New Zealand Motor Insurance – Gross Written Premium (NZD Billion), 2012–2021

Figure 15: New Zealand Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (NZD Billion and %), 2012–2021

Figure 16: New Zealand Liability Insurance – Gross Written Premium (NZD Million), 2012–2021

Figure 17: New Zealand Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (NZD Million and %), 2012–2021

Figure 18: New Zealand Goods Exports and Imports (US$ Billion), 2011–2015

Figure 19: New Zealand Marine, Aviation and Transit Insurance – Gross Written Premium (NZD Million), 2012–2021

Figure 20: New Zealand Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (NZD Million and %), 2012–2021

Figure 21: New Zealand – Frequency of Hazards by Type, 1990–2014

Figure 22: New Zealand Mortality by Hazards Type, 1990–2014

Figure 23: New Zealand Economic Loss by Hazards Type, 1990–2014

Figure 24: New Zealand – Insurance Supervision and Control at Various Levels

Figure 25: New Zealand – Insurance Regulatory Frameworks for Company Registration and Operation

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