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New Zealand Insurance Report Q3 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 49 pages

Includes 3 FREE quarterly updates

BMI View: We retain our view that the New Zealand insurance market is comparatively small by globalstandards and a subdued domestic economic outlook weighs in on premium growth prospects, in both thelife and non-life sector through our forecast period out to 2020. The strengthening of the American dollaragainst 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, willcontinue to remain high. However, we believe that demand for life productions, the smaller market atpresent, is expected to grow quicker, as awareness of the benefits of life products in conjunction with risinghousehold incomes bolsters product offerings.

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 and our new forecasts envision dollarcontractions in both 2016 and 2017.

- 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 around NZD2.4bn in 2015 toover NZD3.0bn in 2020, while over the longer term demographic trends, including an ageing populationand increasing household disposable income, will lead to increased demand.

Table Of Contents

New Zealand Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (New Zealand 2013-2020) 5
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
Methodology 43
Industry Forecast Methodology 43
Risk/Reward Index Methodology 46
Table: Indicators 48
Table: Weighting of Indicators 49

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