Life Insurance in New Zealand, Key Trends and Opportunities to 2020

Life Insurance in New Zealand, Key Trends and Opportunities to 2020


  • Products Id :- IS1385MR
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  • Pages: 116
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Executive Summary

Timetric's 'Life Insurance in New Zealand Key Trends and Opportunities to 2020' 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, commissions and expenses, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).

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 2020' 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 New Zealand life insurance segment

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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the New Zealand life insurance segment, and market forecasts to 2020.

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

The New Zealand life insurance direct written premium increased at a review-period CAGR of 4.6%.

New Zealand's life insurance penetration stood at 0.74% of GDP in 2015, below the Organization for Economic Cooperation and Development average of 5%.

Individual life insurance remained the largest sub-segment during the review period; it accounted for 92.8% of the segment's direct written premium in 2015, of which the term life sub-category accounted for 68.7% of the category's direct written premium.

Financial advisers are the primary distribution channel for life insurance in New Zealand.

New Zealand's life insurance segment is highly competitive, with the presence of both domestic and foreign insurers.



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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 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

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 Product

9.6 Group Life Insurance

9.7 Group Life Insurance by Product

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

Figure 1: New Zealand Real GDP (NZD Billion), 2011-2020

Figure 2: NZD-US$ Exchange Rate, 2011-2020

Figure 3: New Zealand Consumer Price Inflation (%), 2011-2020

Figure 4: New Zealand Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 5: New Zealand Current Unemployment Rate, 2011-2020

Figure 6: New Zealand Population by Age Group, 1990-2025

Figure 7: New Zealand Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: New Zealand Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: New Zealand Life Insurance-Gross Written Premium (NZD Billion), 2011-2020

Figure 10: New Zealand Life Insurance-Penetration (%), 2011-2020

Figure 11: New Zealand Life Insurance-New Business Direct Written Premium (NZD Million), 2011-2020

Figure 12: New Zealand Life Insurance-Premium per Capita (NZD), 2011-2020

Figure 13: New Zealand Life Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 14: New Zealand Life Insurance-Paid Claims (NZD Million), 2011-2020

Figure 15: New Zealand Life Insurance-Total Assets (NZD Billion), 2011-2020

Figure 16: New Zealand Life Insurance-Investment Portfolio (NZD Billion), 2011-2020

Figure 17: New Zealand Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: New Zealand Life Insurance-Direct Written Premium by Sub-Segment (NZD Million), 2011-2020

Figure 19: New Zealand Life Insurance-Direct Written Premium Share by Sub-Segment, 2011-2020

Figure 20: New Zealand Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2011-2020

Figure 21: New Zealand Individual Life Insurance-Direct Written Premium by Category (NZD Million), 2011-2020

Figure 22: New Zealand Individual Life Insurance-Direct Written Premium Share by Category, 2011-2020

Figure 23: New Zealand Individual Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 24: New Zealand Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2020

Figure 25: New Zealand Individual Life Insurance-Penetration (%), 2011-2015

Figure 26: New Zealand Individual Life Insurance-Penetration (%), 2015-2020

Figure 27: New Zealand Group Life Insurance-Direct Written Premium by Category (NZD Million), 2011-2020

Figure 28: New Zealand Group Life Insurance-Direct Written Premium Share by Category (NZD Million), 2011-2020

Figure 29: New Zealand Group Life Insurance-Direct Written Premium Dynamics by Category (NZD Billion), 2011-2020

Figure 30: New Zealand Group Life Insurance-Number of Policies Sold by Category, 2011-2020

Figure 31: New Zealand Group Life Insurance-Penetration (%), 2011-2015

Figure 32: New Zealand Group Life Insurance-Penetration (%), 2015-2020

Figure 33: New Zealand-Insurance Supervision and Control at Various Levels

Figure 34: New Zealand-Insurance Regulatory Frameworks for Company Registration and Operation

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 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

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 Product

9.6 Group Life Insurance

9.7 Group Life Insurance by Product

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

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Sovereign Assurance Company Ltd, AMP Life Ltd, NMLA (AMP), OnePath Life (NZ) Ltd, Asteron Life Ltd, Fidelity Life Assurance Company Ltd, Westpac Life New Zealand Ltd, AIA New Zealand , BNZ Life Insurance Ltd, Cigna Life Insurance New Zealand Ltd, ,

Life insurance, Economy and Demographics, Regional comparison, Individual life insurance, Group life insurance, Distribution channels, Bancassurance, Agencies, Direct marketing, Brokers, E-commerce, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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