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.
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.
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
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.
Table Of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments
5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Active policies
5.2 Group Life Insurance
5.2.1 Premium
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Financial advisers
6.1.2 Brokers
6.1.3 Bancassurance
6.1.4 E-commerce
6.1.5 Other distribution channels
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Sovereign Assurance Company Ltd - company overview
7.1.2 AMP Life Ltd - company overview
7.1.3 OnePath Life (NZ) Ltd - company overview
7.1.4 Asteron Life Ltd - company overview
7.1.5 Fidelity Life Assurance Company Ltd - company overview
7.1.6 Westpac Life New ?Zealand Ltd - company overview
7.1.7 AIA New Zealand - company overview
7.1.8 BNZ Life Insurance Ltd - company overview
7.1.9 Cigna Life Insurance New Zealand Ltd - company overview
8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Liability insurance for maritime oil pollution
8.4.2 Insurance for clinical trials
8.4.3 Medical insurance for international students
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Reserve Bank of New Zealand
8.5.3 Insurance Council of New Zealand
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Category
9.6 Group Life Insurance
9.7 Group Life Insurance by Category
9.8 Individual Life - Single vs. Non-Single Premium
9.9 Group Life - Single vs. Non-Single Premium
10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology
11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer
List Of Tables
Table 1: New Zealand Life Insurance - Key Facts, 2016
Table 2: New Zealand Life Insurance - Leading Insurers, 2016
Table 3: New Zealand Government Credit Ratings
Table 4: New Zealand Life Insurance - Gross Written Premium (NZD Billion and US$ Billion), 2012-2016
Table 5: New Zealand Life Insurance - Gross Written Premium (NZD Billion and US$ Billion), 2016-2021
Table 6: New Zealand Life Insurance - Paid Claims (NZD Million and US$ Million), 2012-2016
Table 7: New Zealand Life Insurance - Paid Claims (NZD Million and US$ Million), 2016-2021
Table 8: New Zealand Life Insurance - Total Assets (NZD Billion and US$ Billion), 2012-2016
Table 9: New Zealand Life Insurance - Total Assets (NZD Billion and US$ Billion), 2016-2021
Table 10: New Zealand Life Insurance - Investment Portfolio (NZD Billion), 2012-2016
Table 11: New Zealand Life Insurance - Investment Portfolio (NZD Billion), 2016-2021
Table 12: New Zealand Life Insurance - Gross Written Premium by Sub-Segment (NZD Million), 2012-2016
Table 13: New Zealand Life Insurance - Gross Written Premium by Sub-Segment (NZD Million), 2016-2021
Table 14: New Zealand Individual Life Insurance - Gross Written Premium by Category (NZD Million), 2012-2016
Table 15: New Zealand Individual Life Insurance - Gross Written Premium by Category (NZD Million), 2016-2021
Table 16: New Zealand Individual Life Insurance - Number of Active Policies by Category (Thousand), 2012-2016
Table 17: New Zealand Individual Life Insurance - Number of Active Policies Sold by (Thousand), 2016-2021
Table 18: New Zealand Group Life Insurance - Gross Written Premium by Category (NZD Million), 2012-2016
Table 19: New Zealand Group Life Insurance -Gross Written Premium by Category (NZD Million), 2016-2021
Table 20: New Zealand Life Insurance Segment - Top Insurers, 2016
Table 21: AMP Life Ltd - Key Facts
Table 22: OnePath Life (NZ) Ltd - Key Facts
Table 23: Asteron Life Ltd - Key Facts
Table 24: Westpac Life New ?Zealand Ltd - Key Facts
Table 25: AIA New Zealand - Key Facts
Table 26: BNZ Life Insurance Ltd - Key Facts
Table 27: Cigna Life Insurance New Zealand Ltd - Key Facts
Table 28: New Zealand - Insurance Regulatory Framework Key Features
Table 29: New Zealand - Life Insurance Regulatory Framework
Table 30: New Zealand - Property Insurance Regulatory Framework
Table 31: New Zealand - Motor Insurance Regulatory Framework
Table 32: New Zealand - Liability Insurance Regulatory Framework
Table 33: New Zealand - Capital Requirements for Establishment of Insurance Companies
Table 34: New Zealand - Corporate Tax Rates for the Financial Year 2017
Table 35: New Zealand Life Insurance - Policies and Premium, 2012-2016
Table 36: New Zealand Life Insurance - Policies and Premium, 2016-2021
Table 37: New Zealand Life Insurance - Claims and Expenses, 2012-2016
Table 38: New Zealand Life Insurance - Claims and Expenses, 2016-2021
Table 39: New Zealand Life Insurance - Assets and Investments, 2012-2016
Table 40: New Zealand Life Insurance - Assets and Investments, 2016-2021
Table 41: New Zealand Life Insurance - Individual Life Insurance, 2012-2016
Table 42: New Zealand Life Insurance - Individual Life Insurance, 2016-2021
Table 43: New Zealand Life Insurance - Individual Life Insurance by Product, 2012-2016
Table 44: New Zealand Life Insurance - Individual Life Insurance by Product, 2016-2021
Table 45: New Zealand Life Insurance - Group Life Insurance, 2012-2016
Table 46: New Zealand Life Insurance - Group Life Insurance, 2016-2021
Table 47: New Zealand Life Insurance - Group Life Insurance by Product, 2012-2016
Table 48: New Zealand Life Insurance - Group Life Insurance by Product, 2016-2021
Table 49: New Zealand Life Insurance - Individual Life Insurance by Premium, 2012-2016
Table 50: New Zealand Life Insurance - Individual Life Insurance by Premium, 2016-2021
Table 51: New Zealand Life Insurance - Group Life Insurance by Premium, 2012-2016
Table 52: New Zealand Life Insurance - Group Life Insurance by Premium, 2016-2021
Table 53: Insurance Industry Definitions
List Of Figures
Figure 1: New Zealand Real GDP (US$ Billion), 2012-2021
Figure 2: NZD - US$ Exchange Rate, 2012-2021
Figure 3: New Zealand Current Account Balance as Percentage of GDP (%), 2012-2016
Figure 4: New Zealand Consumer Price Inflation (%), 2012-2021
Figure 5: New Zealand Unemployment Rate, 2012-2021
Figure 6: New Zealand Population by Age Group, 1991-2025
Figure 7: New Zealand Insurance Segment Gross Written Premium Shares - Regional Comparison (%), 2016
Figure 8: New Zealand Life Insurance - Gross Written Premium (NZD Billion), 2012-2021
Figure 9: New Zealand Life Insurance - Paid Claims (NZD Million), 2012-2021
Figure 10: New Zealand Life Insurance - Total Assets (NZD Billion), 2012-2021
Figure 11: New Zealand Life Insurance - Investment Portfolio (NZD Billion), 2012-2021
Figure 12: New Zealand Life Insurance - Investment Portfolio Dynamics by Category, 2012-2021
Figure 13: New Zealand Life Insurance - Gross Written Premium (NZD Million) by Sub-Segment, 2012-2021
Figure 14: New Zealand Life Insurance - Gross Written Premium Share by Sub-Segment, 2012-2021
Figure 15: New Zealand Life Insurance - Gross Written Premium Dynamics by Sub-Segment, 2012-2021
Figure 16: New Zealand Individual Life Insurance - Gross Written Premium by Category (NZD Million), (2012-2021)
Figure 17: New Zealand Individual Life Insurance - Gross Written Premium Share by Category, 2012-2021
Figure 18: New Zealand Individual Life Insurance - Gross Written Premium Dynamics by Category, 2012-2021
Figure 19: New Zealand Individual Life Insurance - Number of Active Policies (Thousand) by Category, 2012-2021
Figure 20: New Zealand Group Life Insurance - Gross Written Premium by Category (NZD Million), 2012-2021
Figure 21: New Zealand Group Life Insurance - Gross Written Premium Share by Category, 2012-2021
Figure 22: New Zealand Group Life Insurance - Gross Written Premium Dynamics by Category (NZD Billion), 2012-2021
Figure 23: New Zealand - Insurance Supervision and Control at Various Levels
Figure 24: New Zealand - Insurance Regulatory Frameworks for Company Registration and Operation
