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Life Insurance in New Zealand, Key Trends and Opportunities to 2021

Life Insurance in New Zealand, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Life Insurance in New Zealand Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the New Zealand life insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the New Zealand economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in New Zealand Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the New Zealand life insurance segment, including:

  • An overview of the New Zealand life insurance segment
  • The New Zealand life insurance segment’s growth prospects by category
  • A comprehensive overview of the New Zealand economy and demographics
  • A comparison of the New Zealand life insurance segment with its regional counterparts
  • The various distribution channels in the New Zealand life insurance segment
  • Details of the competitive landscape in the life insurance segment in New Zealand
  • Details of regulatory policy applicable to the New Zealand insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in New Zealand:
  • It provides historical values for the New Zealand life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.
  • It offers a detailed analysis of the key categories in the New Zealand life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the New Zealand life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in New Zealand.
  • It profiles the top life insurance companies in New Zealand and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the New Zealand life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the New Zealand life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • In July 2016, according to a report published by the New Zealand Institute of Economic Research (NZIER), Kiwi life insurers have opportunities to move away from commissions-based distribution models to lower cost distribution channels. According to the NZIER report, the 14 main life insurers operating in the segment collectively spend NZD431.0 million (US$292.0 million) per year on commission payments to advisers and brokers who sell their products. The commission payouts are equivalent to 23% of the insurer’s premium revenues, and account for over half of their distribution expenses.
  • In April 2016, the Reserve Bank of New Zealand (RBNZ) announced plans to review and revise the Insurance (Prudential Supervision) Act over 2016–2017. The objectives of the review include ensuring a sound and efficient insurance industry in the country, and to promote public trust in the industry.
  • In January 2016, the Fair Insurance Code was released by the Insurance Council of New Zealand (ICNZ) to establish high standards of service and to check claims being resolved by insurers. All members of the ICNZ must operate according to the code.
  • Individual life insurance remained the largest sub-segment during the review period; it accounted for 92.7% of the segment’s gross written premium in 2016, of which the term life sub-category accounted for 69.1% of the category’s gross written premium.


  • Key Facts and Highlights
    • Table New Zealand Life Insurance – Key Facts, 2016
    • Table New Zealand Life Insurance – Leading Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table New Zealand Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table New Zealand Life Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2012–2016
        • Table New Zealand Life Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2016–2021
      • Claims
        • Table New Zealand Life Insurance – Paid Claims (NZD Million and US$ Million), 2012–2016
        • Table New Zealand Life Insurance – Paid Claims (NZD Million and US$ Million), 2016–2021
      • Assets and investments
        • Table New Zealand Life Insurance – Total Assets (NZD Billion and US$ Billion), 2012–2016
        • Table New Zealand Life Insurance – Total Assets (NZD Billion and US$ Billion), 2016–2021
        • Table New Zealand Life Insurance – Investment Portfolio (NZD Billion), 2012–2016
        • Table New Zealand Life Insurance – Investment Portfolio (NZD Billion), 2016–2021
  • Outlook by Sub-Segment
    • Table New Zealand Life Insurance – Gross Written Premium by Sub-Segment (NZD Million), 2012–2016
    • Table New Zealand Life Insurance – Gross Written Premium by Sub-Segment (NZD Million), 2016–2021
    • Individual Life Insurance
      • Premium
        • Table New Zealand Individual Life Insurance – Gross Written Premium by Category (NZD Million), 2012–2016
        • Table New Zealand Individual Life Insurance – Gross Written Premium by Category (NZD Million), 2016–2021
      • Active policies
        • Table New Zealand Individual Life Insurance – Number of Active Policies by Category (Thousand), 2012–2016
        • Table New Zealand Individual Life Insurance – Number of Active Policies Sold by (Thousand), 2016–2021
    • Group Life Insurance
      • Premium
        • Table New Zealand Group Life Insurance – Gross Written Premium by Category (NZD Million), 2012–2016
        • Table New Zealand Group Life Insurance –Gross Written Premium by Category (NZD Million), 2016–2021
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Financial advisers
      • Brokers
      • Bancassurance
      • E-commerce
      • Other distribution channels
  • Competitive Landscape
    • Table New Zealand Life Insurance Segment – Top Insurers, 2016
    • Company Profiles
      • Sovereign Assurance Company Ltd – company overview
        • Table Sovereign Assurance Company Ltd – Key Facts
      • AMP Life Ltd – company overview
        • Table AMP Life Ltd – Key Facts
      • OnePath Life (NZ) Ltd – company overview
        • Table OnePath Life (NZ) Ltd – Key Facts
      • Asteron Life Ltd – company overview
        • Table Asteron Life Ltd – Key Facts
      • Fidelity Life Assurance Company Ltd – company overview
        • Table Fidelity Life Assurance Company Ltd – Key Facts
      • Westpac Life New Zealand Ltd – company overview
        • Table Westpac Life New Zealand Ltd – Key Facts
      • AIA New Zealand – company overview
        • Table AIA New Zealand – Key Facts
      • BNZ Life Insurance Ltd – company overview
        • Table BNZ Life Insurance Ltd – Key Facts
      • Cigna Life Insurance New Zealand Ltd – company overview
        • Table Cigna Life Insurance New Zealand Ltd – Key Facts
  • Governance, Risk and Compliance
    • Table New Zealand – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table New Zealand – Life Insurance Regulatory Framework
      • Property insurance
        • Table New Zealand – Property Insurance Regulatory Framework
      • Motor insurance
        • Table New Zealand - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table New Zealand – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Liability insurance for maritime oil pollution
      • Insurance for clinical trials
      • Medical insurance for international students
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Reserve Bank of New Zealand
      • Insurance Council of New Zealand
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table New Zealand – Capital Requirements for Establishment of Insurance Companies
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table New Zealand – Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table New Zealand Life Insurance – Policies and Premium, 2012–2016
      • Table New Zealand Life Insurance – Policies and Premium, 2016–2021
    • Claims and Expenses
      • Table New Zealand Life Insurance – Claims and Expenses, 2012–2016
      • Table New Zealand Life Insurance – Claims and Expenses, 2016–2021
    • Assets and Investments
      • Table New Zealand Life Insurance – Assets and Investments, 2012–2016
      • Table New Zealand Life Insurance – Assets and Investments, 2016–2021
    • Individual Life Insurance
      • Table New Zealand Life Insurance – Individual Life Insurance, 2012–2016
      • Table New Zealand Life Insurance – Individual Life Insurance, 2016–2021
    • Individual Life Insurance by Category
      • Table New Zealand Life Insurance – Individual Life Insurance by Product, 2012–2016
      • Table New Zealand Life Insurance – Individual Life Insurance by Product, 2016–2021
    • Group Life Insurance
      • Table New Zealand Life Insurance – Group Life Insurance, 2012–2016
      • Table New Zealand Life Insurance – Group Life Insurance, 2016–2021
    • Group Life Insurance by Category
      • Table New Zealand Life Insurance – Group Life Insurance by Product, 2012–2016
      • Table New Zealand Life Insurance – Group Life Insurance by Product, 2016–2021
    • Individual Life – Single vs Non-Single Premium
      • Table New Zealand Life Insurance – Individual Life Insurance by Premium, 2012–2016
      • Table New Zealand Life Insurance – Individual Life Insurance by Premium, 2016–2021
    • Group Life – Single vs Non-Single Premium
      • Table New Zealand Life Insurance – Group Life Insurance by Premium, 2012–2016
      • Table New Zealand Life Insurance – Group Life Insurance by Premium, 2016–2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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