New Zealand Insurance Report Q2 2015

Transcription

1 Brochure More information from New Zealand Insurance Report Q Description: BMI View: 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. 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 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 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 line maintained, and this will support non life premiums. Contents: BMI Industry View 7 SWOT 9 Insurance 9 Political 11 Economic 12 Industry Forecast 14 Total Premiums Forecast 14 Total Gross Premiums 15 Table: Total Gross Premiums Written (New Zealand ) 16 Total Claims 16 Table: Total Insurance Claims (New Zealand ) 16 Life Premiums Forecast 17 Life Premiums 18 Table: Gross Life Premiums Written (New Zealand ) 18 Life Insurance Drivers 19 Table: Insurance Key Drivers, Disease Adjusted Life Years (New Zealand ) 19

2 Table: Insurance Key Drivers, Private Health Expenditure (New Zealand ) 21 Claims And Payments 21 Table: Life Insurance Claims (New Zealand ) 21 Assets 21 Table: Assets (New Zealand ) 22 Non-Life Premiums Forecast 23 Gross Non-Life Premiums 23 Table: Gross Non-Life Premiums Written (New Zealand ) 25 Net Non-Life Premiums 25 Table: Net Non-Life Premiums Written (New Zealand ) 26 Non-Life Claims 26 Table: Non-Life Insurance Claims (New Zealand ) 27 Table: Non-Life Insurance Claims by Line (New Zealand ) 27 Non-Life Sub-Sectors Forecast 28 Table: Non-Life % Breakdown (New Zealand ) 29 Motor And Transport Insurance 31 Table: Motor Vehicle Insurance (New Zealand ) 31 Table: Transport Insurance (New Zealand ) 32 Property Insurance 32 Table: Property Insurance (New Zealand ) 33 General Liability Insurance 33 Table: General Liability Insurance (New Zealand ) 34 Industry Risk Reward Ratings 35 Asia Pacific Industry Risk/Reward Index Q Table: Asia Pacific Insurance Risk/Reward Index - Q Market Overview 37 Life Market Overview 37 Non-Life Market Overview 39 Company Profile 44 AMP Limited 44 Insurance Australia Group 47 Sovereign 50

3 Suncorp Group 52 TOWER 55 Demographic Forecast 57 Table: Population Headline Indicators (New Zealand ) 58 Table: Key Population Ratios (New Zealand ) 58 Table: Urban/Rural Population & Life Expectancy (New Zealand ) 59 Table: Population By Age Group (New Zealand ) 59 Table: Population By Age Group % (New Zealand ) 60 Methodology 62 Industry Forecast Methodology 62 Risk/Reward Index Methodology 65 Table: Indicators 67 Table: Weighting of Indicators 68 Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8,

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