Non Life Insurance Sector to Flourish in New Zealand: Ken Research
Posted on 07 February 2017 by KenResearch Banking Financial Services and Insurance,
Ken Research has announced its distribution on “Non-Life Insurance in New Zealand, Key Trends and Opportunities to 2020” which 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.
The report furnishes values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).
It well 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.
It also includes the details of insurance regulations, and recent changes in the regulatory structure and offers a detailed analysis of the key categories in the New Zealand non-life insurance segment, and market forecasts to 2020.
It helps to 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 and enables the users to comprehend the demand-side dynamics, key market trends and growth opportunities in the New Zealand non-life insurance segment.
Through this report, a user can properly gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry's future as well as have access to proper analysis of the competitive dynamics.
- Agriculture had played a significant role in New Zealand's economy since the beginning and therefore insurers in New Zealand have started furnishing a range of insurance options for farmers and farm assets.
- Premium costs of motor insurance had remained steady and the customers with good claims histories or who invested in fleet risk-management programs had well received the premium discounts.
- Due to presence of domestic as well as foreign insurers, New Zealand’s life insurance segment had been highly competitive.
- The development of insurance penetration and demand for non-life insurance was supported by country-wide distribution networks and high levels of customer trust of brokers.
- Property insurance marked for the largest cohort that accounted for 42% of the segment's gross written premium in 2015.
- Cyber security insurance is what is new in the country and an emerging trend if seen from the future perspective. To support this, legislations regarding cyber-risks are still evolving in New Zealand.
- Plus4, national insurance advisory, has very well expanded and now has over some 45 advisers working from 17 locations between Whangarei and Invercargill. Group members, who have no affiliations to any specific insurance provider, provide unbiased advices tailored to their individual and business clients’ requirements. They work predominantly with small to medium sized enterprises, their owners and their accountants.
- The non life insurance sector is expected to ameliorate at an ever growing CAGR year after year with increased awareness amongst the people and their evolving needs for getting insured against risky ventures. Insurance will soon be treated as a tool to curb losses that one has to suffer otherwise.
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