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New Market Study: "Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2016"

New Financial Services research report from Timetric is now available from Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 10/08/2012 -- The largest category in the personal accident and health insurance segment in 2011 was personal accident insurance with a 59% share, followed by health insurance which accounted for a share of 37.2%. The main distribution channels for personal accident and health insurance in New Zealand are insurance brokers and direct marketing. These two channels accounted for an 86% share of the total market commission in 2011. Rising healthcare costs, low penetration of health insurance products and anticipated reforms are expected to increase the role of private insurers which will support the growth of the segment over the forecast period.

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Key Highlights

- The personal accident and health insurance segment of the New Zealand insurance industry witnessed a steady growth during the review period of 2007-2011.
- According to a report produced by the Health Fund Association of New Zealand in December 2011, an increased reliance on government healthcare expenditure meant the deterring of private healthcare firms from investing.
- The treasury’s briefing to the government that health spending grew at a faster rate than the economy as a whole for the past two decades confirmed the unsustainable levels of public spending on healthcare.
- Due to strong, country-wide distribution networks and high customer confidence, brokers enabled insurance companies to increase the penetration and demand for their personal accident and health insurance policies.
- Some clients used the internet or the telephone to make their purchases, driving a focus for online marketing. The rising demand for direct marketing increased the number of direct marketing distributors in the personal accident and health insurance segment.
- The leading personal accident and health insurance companies in New Zealand are: Sovereign Assurance, Southern Cross Health Society, Tower Health and Life, Partners Life, AIA New Zealand, AMP and Asteron.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance market in New Zealand:

- It provides historical values for the New Zealand personal accident and health insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
- It offers a detailed analysis of the key sub-segments in the New Zealand personal accident and health insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in New Zealand

Companies Mentioned in this Report: Sovereign Assurance Company Limited , Southern Cross Health Society , Partner Life , Tower Health and Life (NZ) Limited, AIA New Zealand

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