General Insurance in New Zealand - Industry Market Research Report
Description
General Insurance in New Zealand - Industry Market Research Report
General Insurance in New Zealand
General insurers have found themselves in a changing economy that benefits them. Households and businesses are becoming more risk-averse, seeking coverage for a widening range of threats. Insurers collect regular payments (known as premiums) from policyholders, which are used to pay for claims. The industry records high claims costs and operating losses, but natural disasters have provided the industry with greater scope to raise premiums, thrusting the industry forwards. Insurers have capitalised on customer interest and hiked premiums despite inflationary and competitive price pressures. The industry is performing strongly, as motor vehicle and domestic insurance products have remained popular. Revenue is expected to climb at an annualised 3.1% over the five years through 2022-23 to a total of $7.3 billion. However, revenue is anticipated to slip by an estimated 0.2% in 2022-23 as household and business growth slows.
General insurers underwrite insurance policies to protect individuals and businesses from financial loss associated with property damage, motor vehicle damage, liability and other risks. Underwriting involves assuming risks and assigning premiums. Reinsurers take all or part of the risk associated with existing insurance policies that other insurers underwrite.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
General Insurance in New Zealand
General insurers have found themselves in a changing economy that benefits them. Households and businesses are becoming more risk-averse, seeking coverage for a widening range of threats. Insurers collect regular payments (known as premiums) from policyholders, which are used to pay for claims. The industry records high claims costs and operating losses, but natural disasters have provided the industry with greater scope to raise premiums, thrusting the industry forwards. Insurers have capitalised on customer interest and hiked premiums despite inflationary and competitive price pressures. The industry is performing strongly, as motor vehicle and domestic insurance products have remained popular. Revenue is expected to climb at an annualised 3.1% over the five years through 2022-23 to a total of $7.3 billion. However, revenue is anticipated to slip by an estimated 0.2% in 2022-23 as household and business growth slows.
General insurers underwrite insurance policies to protect individuals and businesses from financial loss associated with property damage, motor vehicle damage, liability and other risks. Underwriting involves assuming risks and assigning premiums. Reinsurers take all or part of the risk associated with existing insurance policies that other insurers underwrite.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
37 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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