Life Insurance in New Zealand , Key Trends and Opportunities to 2017, New Report Launched

The life insurance segment in New Zealand continued to grow at a moderate pace during the review period (2008–2012), with the gross written premium rising from NZD1.3 billion (US$902 million) in 2008 to NZD1.6 billion (US$1.3 billion) in 2012, at a CAGR of 6.1%. Low life insurance penetration among New Zealanders can be attributed to the Christchurch earthquake in 2011 where, according to an Investment Savings and Insurance Association of New Zealand Inc. (ISI) report, only 63 death claims were paid out by March 31, 2011, despite a total of 182 people having lost their lives. A key reason for this underinsurance is an excessive dependency on government welfare schemes, and a general lack of awareness of the immediate benefits of insurance products compared to other investments.

The report provides in depth market analysis, information and insights into the New Zealand life insurance segment, including:

• The New Zealand life insurance segment’s growth prospects by life insurance categories
• Key trends and drivers for the life insurance segment
• The various distribution channels in the New Zealand life insurance segment
• Detailed competitive landscape in the life insurance segment in New Zealand
• Detailed regulatory framework of the New Zealand insurance industry
• A description of the life reinsurance segment in New Zealand
• Porter's Five Forces Analysis of the life insurance segment

Scope

This report provides a comprehensive analysis of the life insurance segment in New Zealand :

• It provides historical values for New Zealand 's life insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key sub-segments in New Zealand 's life insurance segment, along with market forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
• It analyses the various distribution channels for life insurance products in New Zealand
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in New Zealand for the life insurance business
• It provides a detailed analysis of the reinsurance segment in New Zealand and its growth prospects
• 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 within the New Zealand life insurance segment
• Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the New Zealand insurance industry and its impact on companies and the market's future

Key Highlights

• The life insurance segment in New Zealand grew at a CAGR of 6.1% during the review period (2008–2012)
• Bancassurance was the leading distribution channel for life insurance products during the review period, with a 43.2% share of the total life insurance commission in 2012
• Although the life insurance industry in New Zealand is not as strict as in Australia, local regulation is improving under the Reserve Bank of New Zealand with the introduction of the IPSA in 2010
• The penetration level for life insurance products in New Zealand, as measured by gross written premiums as a percentage of GDP, averaged 0.72% during the review period, indicating that New Zealanders are underinsured
• The insurance industry in New Zealand is supervised and regulated by the Reserve Bank of New Zealand (RBNZ) in accordance with the rules and regulations stipulated in the Insurance (Prudential Supervision) Act 2010
• New Zealand’s life segment is highly competitive, with the presence of both domestic and foreign insurers

Spanning over 219 pages, 146 tables and 159 figures, “Life Insurance in New Zealand , Key Trends and Opportunities to 2017” report provides information on market overview, drivers and challenge, competition and key trends.

In addition to covering The New Zealand Insurance Industry Attractiveness, Life Insurance Outlook, Analysis by Distribution Channel, Porter's Five Forces Analysis - New Zealand Life Insurance, Reinsurance Growth Dynamics and Challenges Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Business Environment and Country Risk, Appendix. The report cover 4 companies Sovereign Assurance, Asteron Life, Fidelity Life Assurance, Tower NZ.

For more information visit : http://www.marketresearchreports.com/timetric/life-insurance-new-zealand-key-trends-and-opportunities-2017

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