Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2020
January 2017
98
About the Report
About the Report
Timetric's 'Personal Accident and Health Insurance in New Zealand Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the New Zealand personal accident and health 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, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).
The report also 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 'Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the New Zealand personal accident and health insurance segment, including:
An overview of the New Zealand personal accident and health insurance segment
The New Zealand personal accident and health insurance segment's growth prospects by category
A comprehensive overview of the New Zealand economy and demographics
A comparison of the New Zealand personal accident and health insurance segment with its regional counterparts
Details of the competitive landscape in the New Zealand personal accident and health insurance segment
Details of regulatory policy applicable to the New Zealand insurance industry
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in New Zealand:
It provides historical values for the New Zealand personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.
It provides a comparison of the New Zealand personal accident and health insurance segment with its regional counterparts
It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.
Understand the demand-side dynamics, key market trends and growth opportunities in the New Zealand personal accident and health insurance segment.
Assess the competitive dynamics in the personal accident and health 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 personal accident and health segment accounted for 32.7% of the industry's direct written premium in 2015.
Due to the introduction of the Insurance Prudential Supervision Act (IPSA) in 2010, all insurers must maintain compliance with solvency standards and appropriate risk management policies.
Unsustainable levels of public spending on healthcare and a rise in healthcare costs initiated reforms in the health segment, prompting the government to contemplate the role of private insurance.
On November 25, 2016, the Accident Compensation Corporation (ACC) increased the contribution of treatment providers by 2.2%.
The segment's growth potential led competitors to develop their distribution channels, adopt cost control measures and collaborate with other businesses to expand their product portfolios and market reach.
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Products
Products
Personal accident insurance, Health insurance, Travel insurance, Economy and Demographics, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization
Companies
Sovereign Assurance Company Ltd, Southern Cross Healthcare Group, AIA New Zealand, IAG New Zealand Ltd , Tower Insurance (NZ) Ltd, AIG Insurance New Zealand Ltd, Allianz New Zealand Ltd, Medical Insurance Society Ltd, ACE Insurance Ltd, Partners Life Ltd, , ,
Table of Contents
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 Assets and investments
5 Outlook by Category
5.1 Personal Accident Insurance
5.1.1 Premium
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.3 Travel Insurance
5.3.1 Premium
5.3.2 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Brokers and financial advisers
6.1.2 Bancassurance
6.1.3 E-commerce
6.1.4 Other Distribution Channels
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Sovereign Assurance Company Ltd-company overview
7.1.2 Southern Cross Healthcare Group-company overview
7.1.3 AIA New Zealand-company overview
7.1.4 IAG New Zealand Ltd-company overview
7.1.5 Tower Insurance (NZ) Ltd-company overview
7.1.6 AIG 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
9.1.1 Claims and expenses
9.1.2 Assets and investments
9.1.3 Personal accident insurance
9.1.4 Health insurance
9.1.5 Health insurance by product
9.1.6 Travel insurance
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 Figure
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 Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015
Figure 8: New Zealand Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015
Figure 9: New Zealand Personal Accident and Health Insurance-Gross Written Premium (NZD Billion), 2011-2020
Figure 10: New Zealand Personal Accident and Health Insurance-Penetration (%), 2011-2020
Figure 11: New Zealand Personal Accident and Health Insurance-Premium per Capita (NZD), 2011-2020
Figure 12: New Zealand Personal Accident and Health Insurance-Total Assets (NZD Billion), 2011-2020
Figure 13: New Zealand Personal Accident and Health Insurance-Investment Portfolio (NZD Billion), 2011-2020
Figure 14: New Zealand Personal Accident and Health Insurance-Investment Portfolio Dynamics by Category, 2011-2020
Figure 15: New Zealand Personal Accident and Health Insurance-Direct Written Premium by Category (NZD Billion), 2011-2020
Figure 16: New Zealand Personal Accident and Health Insurance-Direct Written Premium Dynamics by Category, 2011-2020
Figure 17: New Zealand Personal Accident Insurance-Direct Written Premium (NZD Billion), 2011-2020
Figure 18: New Zealand Health Insurance-Direct Written Premium by Sub-Category (NZD Billion), 2011-2020
Figure 19: New Zealand Health Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 20: New Zealand Health Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 21: New Zealand Travel Insurance-Direct Written Premium (NZD Million), 2011-2020
Figure 22: New Zealand Travel Insurance-Earned Premium, Incurred Loss and Loss Ratio (NZD Million and %), 2011-2020
Figure 23: New Zealand-Insurance Supervision and Control at Various Levels
Figure 24: New Zealand-Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
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 Assets and investments
5 Outlook by Category
5.1 Personal Accident Insurance
5.1.1 Premium
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.3 Travel Insurance
5.3.1 Premium
5.3.2 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Brokers and financial advisers
6.1.2 Bancassurance
6.1.3 E-commerce
6.1.4 Other Distribution Channels
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Sovereign Assurance Company Ltd-company overview
7.1.2 Southern Cross Healthcare Group-company overview
7.1.3 AIA New Zealand-company overview
7.1.4 IAG New Zealand Ltd-company overview
7.1.5 Tower Insurance (NZ) Ltd-company overview
7.1.6 AIG 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
9.1.1 Claims and expenses
9.1.2 Assets and investments
9.1.3 Personal accident insurance
9.1.4 Health insurance
9.1.5 Health insurance by product
9.1.6 Travel insurance
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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