New Zealand Insurance Market Segments Examined in New Research Reports by Timetric
14 Nov 2012 • by Natalie Aster
Life Insurance in New Zealand, Key Trends and Opportunities to 2016. The life insurance segment in New Zealand continued to grow at a moderate pace with the gross written premium rising from NZD1.20 billion (US$0.88 billion) in 2007 to NZD1.52 billion (US$1.20 billion) in 2011, recording a CAGR of 6.1% during the review period. The low life insurance penetration among New Zealanders can be attributed to the Christchurch earthquake in 2011, where, according to the Investment Savings and Insurance Association of New Zealand Inc. (ISI) report, 84 death claims were paid out despite a total of 181 people losing their lives. The primary reason for this underinsurance is the excessive dependency on government welfare schemes and the general attitude in New Zealand for not seeing the immediate benefit for buying insurance products when compared to other investments.
Non-Life Insurance in New Zealand, Key Trends and Opportunities to 2016. Non-life insurance was the largest segment in the New Zealand insurance industry during the review period (2007–2011) and accounted for a market share of 49.3% of the total gross written premium in 2011. The non-life insurance segment’s gross written premium recorded a CAGR of 6.9% during the review period. The segment is fragmented, yet dominated by a number of large insurers, the majority of which are of Australian origin. Motor insurance was the largest non-life insurance category with a written premium share of 40.1% in 2011. Insurance brokers were the leading channel for the distribution of non-life products, commanding a share of 76% of the total commission earned in 2011.
Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2016. According to statistics from the Health Fund Association of New Zealand, the public sector spending on healthcare as a percentage of GDP was 8% in 2011. This is the fifth highest in the OECD nations, behind only to Germany, France, Austria and Denmark. The health budget is anticipated to continue growing, with plans for it to receive 50% of all new spending over the next three years. However, this level of public expenditure is unsustainable given the increasingly diverse population with complex health needs. The imminent crisis facing public health funding led industry experts to calling for a new public-private partnership in order to secure the New Zealand health system better.
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