New Insurance market report from Timetric: "Non-Life Insurance in New Zealand , Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 11/27/2013 -- New Zealand's operating environment for non-life insurance suffered a setback due to the Darfield (Canterbury) and Christchurch earthquakes during the review period (2008-2012). Losses had an adverse affect on non-life insurers, forcing some to exit the segment entirely and others to reduce their business expenditure. Non-life insurance was the largest segment in the insurance industry during the review period and accounted for 51.4% of the total gross written premium generated in 2012. The non-life segment's gross written premium increased at a CAGR of 7.5% from NZD4.8 billion (US$3.4 billion) in 2008 to NZD6.4 billion (US$5.2 billion) in 2012. The segment is fragmented, yet dominated by a number of large insurers, many of which are of Australian origin. Property insurance was the largest non-life insurance category and accounted for 38.9% of the segment's written premium value in 2012. Brokers were the leading distribution channel, accounting for 76% of the total new written business in the same year.
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- The non-life segment's gross written premium increased at a CAGR of 7.5% from NZD4.8 billion (US$3.4 billion) in 2008 to NZD6.4 billion (US$5.2 billion) in 2012
- New Zealand faced a series of natural disasters during 2010 and 2011 which caused the loss of both life and property
- New standards under the IPSA, in the form of minimum capital requirements and catastrophe risk capital charges, are deemed to be too burdensome for small and niche insurers. This is expected to drive consolidation as larger insurers acquire smaller firms
- Brokers dominated the New Zealand non-life insurance segment during the review period, accounting for 76% of the total gross written premium in 2012
- The insurance industry in New Zealand is supervised and regulated by the Reserve Bank of New Zealand (RBNZ) in accordance with the rules and regulations stipulated in the Insurance (Prudential Supervision) Act 2010
- New Zealand's non-life segment is highly competitive with the presence of both domestic and foreign insurers
This report provides a comprehensive analysis of the non-life insurance segment in New Zealand :
- It provides historical values for New Zealand 's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in New Zealand 's non-life insurance segment, along with market forecasts until 2017
- 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 non-life insurance products in New Zealand
Companies Mentioned in this Report: lAG New Zealand, AMI Insurance, Tower Insurance, Farmers' Mutual,
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