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New Zealand Insurance Report Q2 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 50 pages

BMI View: The New Zealand insurance market is relatively small by international standards and a subdueddomestic economic outlook weighs in on premium growth in both the life and non-life sector alikethroughout our forecast period to 2020. The strengthening of the American dollar also means that themarket will contract in 2016 once again sharply in dollar denominated terms. Over the longer term,demand for key non-life lines such as property and motor are likely to remain high while demand for lifeproducts (the smaller market currently) is expected to grow as awareness of the benefits of life products inconjunction with state-provided retirement schemes is raised.

Key Updates And Forecasts

- The weakening of the New Zealand dollar continues to be a drag on the growth prospects of the insuranceindustry in terms of dollar denominated growth for both sectors. 2016 will see another strong US dollarcontraction in all insurance lines.

- New Zealand's life insurance market is underdeveloped but does offer growth potential. At present, weexpect life premiums to grow broadly in line with GDP, increasing from NZD2.4bn in 2015 to NZD3bnin 2020 while over the longer term demographic trends, including an ageing population and increasinghousehold disposable income, will lead to increased demand.

Table Of Contents

New Zealand Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (New Zealand 2012-2019) 5
Insurance 7
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (New Zealand 2012-2020) 11
Table: Life Insurance Claims (New Zealand 2007-2014) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (New Zealand 2013-2020) 15
Table: Non-Life Insurance Claims (New Zealand 2008-2014) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (New Zealand 2013-2020) 23
Industry Risk Reward Ratings 24
Asia Pacific Industry Risk/Reward Index 24
Table: Asia Pacific Insurance Risk/Reward Index Q216 25
Market Overview 26
Life Market Overview 26
The Product Offering 26
The Competitive Landscape 27
Non-Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Company Profile 32
AMP Limited 32
Insurance Australia Group 35
Sovereign 37
Suncorp Group 39
Methodology 44
Industry Forecast Methodology 44
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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