"New Zealand Insurance Report Q4 2015" now available at Fast Market Research

In 2015 and 2016, the weakness of the NZD will cause premiums in New Zealand's insurance sector to fall in USD terms. Over the medium and long term, premiums in both major segments are expected to expand by around 3-4% annually. In neither case is there a clear catalyst for rapid growth. Some life insurers will benefit from the further development of KiwiSaver products.

Insurance is socialised in New Zealand to a much greater extent than in other comparable countries. In the life segment, the insurers have had to contend with the widespread (if incorrect) view held by New Zealanders that the universal old aged pension paid by the government to people who are aged 65 or over is sufficient for retirement needs. The government has countered this with the successful promotion of KiwiSaver funds to which employers and employees contribute. The government has also established the New Zealand Superannuation Fund (NZSF), a sovereign wealth fund (SWF) whose mission is to accumulate assets to ensure that the ageing of New Zealand's population does not cause a fiscal crisis, given that the old age pension is paid by the government out of recurrent revenue. Some of the insurers, or their affiliates, are involved with the provision of KiwiSaver funds. In spite of this, for now it appears as though life insurance will remain very underdeveloped by most metrics.

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In the non-life segment, partial cover of houses against earthquakes and other natural catastrophes is delivered by the Earthquake Commission (EQC), while comprehensive personal accident cover is delivered on a no-fault basis through the Accident Compensation Corporation (ACC). Private health insurance is provided through health funds that are generally considered to be separate from the rest of the non-life segment. Other covers (e.g. motor vehicle, commercial property and general liability) are provided by the non-life insurers.

The New Zealand Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's New Zealand Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the New Zealand insurance industry.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for New Zealand to test other views - a key input for successful budgeting and strategic business planning in New Zealand's insurance market.
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