2012-09-26 02:11:33 - New Zealand Insurance Report Q4 2012 - a new market research report on companiesandmarkets.com

The developments through mid-2012 have highlighted the strengths of and the challenges facing New Zealand´s non-life segment. Non-life insurers have demonstrated that they had the financial and operational strength to deal with the surge in claims arising from the main Christchurch earthquake of February 22, 2011. The Earthquake Commission (EQC) and the Accident Compensation Corporation (ACC) have also performed well. The insurers have been able to access reinsurance. To date, it appears that all have been able to pass on the additional costs as increased premiums. Many of the non-life companies are elements of much larger regional (ie: Australian) or global organisations.

The challenges relate mainly to the sluggish economy, the lack of consumer confidence and the maturity of many non-life

 

 

lines in New Zealand. Although, by the standards of developed countries, non-life penetration is not particularly high, the latest comments from the non-life companies indicate that premium growth this year will remain at single-digit levels. In part because of the socialisation of risks through the EQC and the ACC, there is no obvious catalyst for non-life penetration to rise.

In the life segment, two main trends continue to stand out. First, premium growth, as in the non-life segment, is sluggish. This may be because of the recent compression in real incomes. A more fundamental problem, which the Financial Services Council hopes to address, is that New Zealanders tend not to see the need for life insurance products and/or begrudge having to pay premiums. Second, the assets under management (AUM) of the KiwiSaver schemes have been growing rapidly. However, the latest data indicates that the pace of expansion is slowing, as almost all New Zealanders who are likely to sign up voluntarily have already done so. We believe life density will still be low by the standards of developed countries at the end of the forecast period.
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