Media Releases

Ken Research has announced its distribution on “Non-Life Insurance in New Zealand, Key Trends and Opportunities to 2020” which provides  a detailed outlook by product category for the New Zealand non-life insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts.

The report furnishes values for 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).

It well analyzes distribution channels operating in the segment, gives a comprehensive overview of the New Zealand economy and demographics, explains the various types of natural hazard and their impact on the New Zealand insurance industry, and provides detailed information on the competitive landscape in the country.

It also includes the details of insurance regulations, and recent changes in the regulatory structure and offers a detailed analysis of the key categories in the New Zealand non-life insurance segment, and market forecasts to 2020.

It helps to make strategic business decisions using in-depth historic and forecast market data related to the New Zealand non-life insurance segment, and each category within it and enables the users to comprehend the demand-side dynamics, key market trends and growth opportunities in the New Zealand non-life insurance segment.

Through this report, a user can properly gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry's future as well as have access to proper analysis of the competitive dynamics. 

ECONOMIC OUTLOOK

• Agriculture had played a significant role in New Zealand's economy since the beginning and therefore insurers in New Zealand have started furnishing a range of insurance options for farmers and farm assets.
• Premium costs of motor insurance had remained steady and the customers with good claims histories or who invested in fleet risk-management programs had well received the premium discounts.
• Due to presence of domestic as well as foreign insurers, New Zealand’s life insurance segment had been highly competitive.
• The development of insurance penetration and demand for non-life insurance was supported by country-wide distribution networks and high levels of customer trust of brokers.
• Property insurance marked for the largest cohort that accounted for 42% of the segment's gross written premium in 2015.
• Cyber security insurance is what is new in the country and an emerging trend if seen from the future perspective. To support this, legislations regarding cyber-risks are still evolving in New Zealand.
• Plus4, national insurance advisory, has very well expanded and now has over some 45 advisers working from 17 locations between Whangarei and Invercargill. Group members, who have no affiliations to any specific insurance provider, provide unbiased advices tailored to their individual and business clients’ requirements. They work predominantly with small to medium sized enterprises, their owners and their accountants.
• The non life insurance sector is expected to ameliorate at an ever growing CAGR year after year with increased awareness amongst the people and their evolving needs for getting insured against risky ventures. Insurance will soon be treated as a tool to curb losses that one has to suffer otherwise.

For more coverage click on the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/non-life-insurance-new-zealand-key-trends-opportunities/82329-93.html

Related links:

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/non-life-insurance-lebanon/21075-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/industry-competitive-landscape-lebanon/43120-93.html

Contact:

Ken Research

Ankur Gupta,

Head Marketing & Communications

query@kenresearch.com

+91-124- 4230204

www.kenresearch.com

Ken research announced its recent publication on “Non-Life Insurance in Singapore Key Trends and Opportunities to 2020'”. The report gives a comprehensive analysis on the  non life insurance sector of Singapore. The report provides an in depth analysis on size, growth, major segments, and leading players in this insurance market in Singapore. It uses eve forces of analysis to determine the sector’s  competitive intensity and therefore attractiveness. Additionally the report has profiles of leading companies that reveals details of key non life insurance market players' global operations and financial performance

Singapore has a GDP of USD 307.872 bn and is ranked 36th in the world (The World Bank statistics). The industry sector occupies 25% of the GDP while the service sector has 75%. The inflation rate and unemployment level is low and stable.  Its corporate tax  rate is at 17%, the lowest in the Asia- pacific region.   It was the first Asian nation accreted with the AAA rating. The strength of this economy lies in its stable political  and sound economic system. The nation is known for its excellent business environment and banking sector. Singapore has emerged as a high income country that is major trading regional and global hub for financial and trading services. Thus, this nation has become one of the very few nation ,which has current account surplus, ample foreign reserves and very low public external debt. However, on the other hand Singapore is highly dependent on exports, has a quite volatile.

The nation has a multiracial and multicultural population but is dominated by people of Chinese ethnicity. The  fertility rate is quite low, around 1.25 and has been a concern for the government. The literacy rate ( 97%)  is one of the highest in the world  and the unemployment rate is low. The average life expectancy is approximately 83 years . The per capita income at USD 52,000 in terms of PPP is the third highest in the worlde economic growth, paucity of highly skilled professionals and very high old age dependency ratio.

Singapore has the most open insurance sector in the world and is fully open to foreign insurers. The MAS (monetary authority of Singapore) regulate the insurance market. This industry is currently in its boom phase as the investment and returns have been growing leaps and bounds. The introduction of FAIR ( Financial Advisory Industry Review) which has brought more transparency in production and sales . The MAS has also recommended  direct purchasing of the insurance product to combat rising operating cost and help to attract and retain talent. This move has drawn some flak from people citing that the nation is not ready for such a thing as yet but many insurance companies has supported this thought. Insurers can carry their business in Singapore as licensed insurers or foreign insurers. Licensed insurers can carry on direct life and/or general business, life and/or general reinsurance business or captive insurance. Foreign insurers operate in Singapore under a foreign insurer scheme established under Part IIA of the act  There are two foreign insurer designs- The Lloyd's Scheme and the Lloyd’s Asia Scheme.

General Insurance:

The general insurance business covers a wide range of risks such as fire, marine and aviation, motor, workmen's compensation and public liability.  For the last fiscal year , the market grew by marginally and the profits fell slightly. This market is dominated by the motor insurance sector. The major motor insurance providers are Aviva and DirectAsia.com . There are many companies in this sector but is dominated by the Americans.

For more coverage click on the link below

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/non-life-insurance-singapore/74584-93.html

Related links

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/life-insurance-singapore/80113-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance-singapore/74585-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/reinsurance-singapore/74586-93.html

Contact: 
Ken Research

Ankur Gupta, Head Marketing & Communications

queranalyseearch.com

+91-124-4230204
www.kenresearch.com