New Zealand Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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  • Get a full view of the competitive landscape to assess your market position
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New Zealand Insurance Report
Product Price
$1,295.00

BMI View: We retain our view that the New Zealand insurance market is comparatively small by global standards and a subdued domestic economic outlook weighs in on premium growth prospects , i n both the life and non-life sector through our forecast period out to 2020. The strengthening of the American dollar against the New Zealand dollar will also constrain dollar denominated premiums in both 2016 and 2017. We estimate that over the longer term, demand for key non-life lines , such as property and motor , will continue to remain high. However, we believe that demand for life productions, the smaller market at p resent, is expected to grow quicker , as awareness of the benefits of life products in conjunction with rising household incomes bolsters product offerings.

Headline Insurance Forecasts (New Zealand 2013-2020)
2013 2014 2015e 2016f 2017f 2018f 2019f 2020f
National Sources/BMI
Gross life premiums written, NZDbn 2.05 2.27 2.37 2.47 2.58 2.71 2.85 2.99
Gross life premiums written, NZD, % y-o-y 4.7 10.5 4.2 4.3 4.6 5.0 5.1 5.0
Gross life premiums written, USDbn 1.68 1.88 1.65 1.60 1.59 1.63 1.71 1.79
Gross life premiums written, USD, % y-o-y 6.0 11.8 -12.3 -2.8 -1.0 2.4 5.1 5.0
Gross non-life premiums written, NZDbn 4.77 5.26 5.44 5.62 5.79 5.99 6.22 6.46
Gross non-life premiums written, NZD, % y-o-y 7.2 10.2 3.4 3.3 3.1 3.5 3.8 3.9
Gross non-life premiums written, USDbn 3.91 4.36 3.79 3.65 3.56 3.60 3.73 3.88
Gross non-life premiums written, USD, % y-o-y 8.5 11.5 -13.0 -3.7 -2.5 1.0 3.8 3.9

Key Updates And Forecasts

  • The weakening of the New Zealand dollar continues to be a drag on the growth prospects of the insurance industry in terms of dollar denominated growth for both sectors and our new forecasts envision dollar contractions in both 2016 and 2017.

  • New Zealand's life insurance market is underdeveloped but does offer growth potential. At present, we expect life premiums to grow broadly in line with GDP, increasing from around NZD2.4bn in 2015 to over NZD3.0bn in 2020, while over the longer term demographic trends, including an ageing population and increasing household disposable income, will lead to increased demand.

BMI Industry View
5
Table: Headline Insurance Forecasts (New Zealand 2013-2020)
5
SWOT
6
Insurance
6
Industry Forecast
7
Life Premiums Forecast
7
Table: Life Premiums (New Zealand 2013-2020)
10
Table: Life Insurance Claims (New Zealand 2008-2014)
11
Non-Life Premiums Forecast
11
Table: Non-Life Premiums (New Zealand 2013-2020)
14
Table: Non-Life Insurance Claims (New Zealand 2009-2014)
16
Non-Life Sub-Sector Forecast
16
Table: Non-Life Insurance Premiums by Product Line (New Zealand 2013-2020)
22
Industry Risk Reward Ratings
23
Asia Pacific Industry Risk/Reward Index
23
Table: Asia Pacific Insurance Risk/Reward Index Q316
24
Market Overview
25
Life Market Overview
25
The Product Offering
25
The Competitive Landscape
26
Non-Life Market Overview
27
The Product Offering
27
The Competitive Landscape
28
Company Profile
31
AMP Limited
31
Insurance Australia Group
34
Sovereign
36
Suncorp Group
38
TOWER
41
Methodology
43
Industry Forecast Methodology
43
Risk/Reward Index Methodology
46
Table: Indicators
48
Table: Weighting of Indicators
49

The New Zealand Insurance Report has been researched at source and features BMI Research'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.

Key Benefits

  • 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).

Coverage

BMI Industry View

Summary of BMI’s 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:

  • 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).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s 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.

Company Profiles*

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:

  • 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.

Market Overview & Rankings

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.

Sources

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.