Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2020

Published: Jan, 2017 | Pages: 98 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

Synopsis

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.

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.

 Table of Content

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 Tables

Table 1: New Zealand Personal Accident and Health Insurance – Key Facts, 2015
Table 2: New Zealand Personal Accident and Health Insurance – Leading Insurers, 2015
Table 3: New Zealand Government Credit Ratings
Table 4: New Zealand Personal Accident and Health Insurance – Gross Written Premium (HUF Billion and US$ Million), 2011–2015
Table 5: New Zealand Personal Accident and Health Insurance – Penetration (%), 2011–2015
Table 6: New Zealand Personal Accident and Health Insurance – Gross Written Premium (HUF Billion and US$ Million), 2015–2020
Table 7: New Zealand Personal Accident and Health Insurance – Penetration (%), 2015–2020
Table 8: New Zealand Personal Accident and Health Insurance – Premium per Capita (HUF and US$), 2011–2015
Table 9: New Zealand Personal Accident and Health Insurance – Premium per Capita (HUF and US$), 2015–2020
Table 10: New Zealand Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 11: New Zealand Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 12: New Zealand Personal Accident and Health Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 13: New Zealand Personal Accident and Health Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 14: New Zealand Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015
Table 15: New Zealand Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020
Table 16: New Zealand Personal Accident and Health Insurance – Total Assets (HUF Billion and US$ Million), 2011–2015
Table 17: New Zealand Personal Accident and Health Insurance – Total Assets (HUF Billion and US$ Million), 2015–2020
Table 18: New Zealand Personal Accident and Health Insurance – Total Investment Income (HUF Billion and US$ Million), 2011–2015
Table 19: New Zealand Personal Accident and Health Insurance – Total Investment Income (HUF Billion and US$ Million), 2015–2020
Table 20: New Zealand Personal Accident and Health Insurance – Investment Portfolio (HUF Billion), 2011–2015
Table 21: New Zealand Personal Accident and Health Insurance – Investment Portfolio (HUF Billion), 2015–2020
Table 22: New Zealand Personal Accident and Health Insurance – Gross Written Premium by Category (HUF Billion), 2011–2015
Table 23: New Zealand Personal Accident and Health Insurance – Gross Written Premium by Category (HUF Billion), 2015–2020
Table 24: New Zealand Personal Accident Insurance – Gross Written Premium (HUF Billion and US$ Million), 2011–2015
Table 25: New Zealand Personal Accident Insurance – Gross Written Premium (HUF Billion and US$ Million), 2015–2020
Table 26: New Zealand Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 27: New Zealand Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 28: New Zealand Personal Accident Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 29: New Zealand Personal Accident Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 30: New Zealand Personal Accident Insurance – Loss Ratio (%), 2011–2015
Table 31: New Zealand Personal Accident Insurance – Loss Ratio (%), 2015–2020
Table 32: New Zealand Health Insurance – Gross Written Premium by Sub-Category (HUF Billion and US$ Million), 2011–2015
Table 33: New Zealand Health Insurance – Direct Written Premium by Sub-Category (HUF Billion and US$ Million), 2015–2020
Table 34: New Zealand Health Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 35: New Zealand Health Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 36: New Zealand Health Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 37: New Zealand Health Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 38: New Zealand Health Insurance – Loss Ratio (%), 2011–2015
Table 39: New Zealand Health Insurance – Loss Ratio (%), 2015–2020
Table 40: New Zealand Travel Insurance – Gross Written Premium (HUF Billion), 2011–2015
Table 41: New Zealand Travel Insurance – Gross Written Premium (HUF Billion), 2015–2020
Table 42: New Zealand Travel Insurance – Number of Policies Sold (Million), 2011–2015
Table 43: New Zealand Travel Insurance – Number of Policies Sold (Million), 2015–2020
Table 44: New Zealand Travel Insurance – Paid Claims (HUF Million and US$ Million), 2011–2015
Table 45: New Zealand Travel Insurance – Paid Claims (HUF Million and US$ Million), 2015–2020
Table 46: New Zealand Travel Insurance – Loss Ratio (%), 2011–2015
Table 47: New Zealand Travel Insurance – Loss Ratio (%), 2015–2020
Table 48: New Zealand Personal Accident and Health Insurance – Leading Insurers, 2015
Table 49: Allianz Hungária Biztosító Zrt – Key Facts
Table 50: Generali Providencia Biztositó Zrt – Key Facts
Table 51: Magyar Posta Életbiztosító Zrt – Key Facts
Table 52: Groupama Garancia Biztosító Zrt – Key Facts
Table 53: Aegon Magyarország Általános Biztosító Zrt – Key Facts
Table 54: New Zealand – Insurance Regulatory Framework Key Features
Table 55: New Zealand – Life Insurance Regulatory Framework
Table 56: New Zealand – Property Insurance Regulatory Framework
Table 57: New Zealand – Motor Insurance Regulatory Framework
Table 58: New Zealand – Bonus-Malus System for Passenger Cars and Motorcycles
Table 59: New Zealand – Bonus-Malus System for Trucks, Buses, Tractors and Other Commercial Vehicles
Table 60: New Zealand – Liability Insurance Regulatory Framework
Table 61: New Zealand – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 1: New Zealand Personal Accident and Health Insurance – Key Facts, 2015
Table 2: New Zealand Personal Accident and Health Insurance – Top Insurers, 2015
Table 3: New Zealand Government Credit Ratings
Table 4: New Zealand Personal Accident and Health Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2011–2015
Table 5: New Zealand Personal Accident and Health Insurance – Penetration (%), 2011–2015
Table 6: New Zealand Personal Accident and Health Insurance – Gross Written Premium (NZD Billion and US$ Billion), 2015–2020
Table 7: New Zealand Personal Accident and Health Insurance – Penetration (%), 2015–2020
Table 8: New Zealand Personal Accident and Health Insurance – Premium per Capita (NZD and US$), 2011–2015
Table 9: New Zealand Personal Accident and Health Insurance – Premium per Capita (NZD and US$), 2015–2020
Table 10: New Zealand Personal Accident and Health Insurance – Total Assets (NZD Billion and US$ Billion), 2011–2015
Table 11: New Zealand Personal Accident and Health Insurance – Total Assets (NZD Billion and US$ Billion), 2015–2020
Table 12: New Zealand Personal Accident and Health Insurance – Investment Portfolio (NZD Billion), 2011–2015
Table 13: New Zealand Personal Accident and Health Insurance – Investment Portfolio (NZD Billion), 2015–2020
Table 14: New Zealand Personal Accident and Health Insurance – Direct Written Premium by Category (NZD Billion), 2011–2015
Table 15: New Zealand Personal Accident and Health Insurance – Direct Written Premium by Category (NZD Billion), 2015–2020
Table 16: New Zealand Personal Accident Insurance – Direct Written Premium (NZD Billion and US$ Billion), 2011–2015
Table 17: New Zealand Personal Accident Insurance – Direct Written Premium (NZD Billion and US$ Billion), 2015–2020
Table 18: New Zealand Health Insurance – Direct Written Premium by Sub-Category (NZD Billion), 2011–2015
Table 19: New Zealand Health Insurance – Direct Written Premium by Sub-Category (NZD Billion), 2015–2020
Table 20: New Zealand Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 21: New Zealand Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 22: New Zealand Travel Insurance – Direct Written Premium (NZD Million), 2011–2015
Table 23: New Zealand Travel Insurance – Direct Written Premium (NZD Million), 2015–2020
Table 24: New Zealand Travel Insurance – Loss Ratio (%), 2011–2015
Table 25: New Zealand Travel Insurance – Loss Ratio (%), 2015–2020
Table 26: New Zealand Personal Accident and Health Segment – Top Insurers, 2015
Table 27: Sovereign Assurance Company Ltd – Key Facts
Table 28: Southern Cross Healthcare Group – Key Facts
Table 29: AIA New Zealand – Key Facts
Table 30: IAG New Zealand Ltd – Key Facts
Table 31: Tower Insurance (NZ) Ltd – Key Facts
Table 32: AIG Insurance New Zealand Ltd – Key Facts
Table 33: New Zealand – Insurance Regulatory Framework Key Features
Table 34: New Zealand – Life Insurance Regulatory Framework
Table 35: New Zealand – Property Insurance Regulatory Framework
Table 36: New Zealand– Motor Insurance Regulatory Framework
Table 37: New Zealand – Liability Insurance Regulatory Framework
Table 38: New Zealand – Capital Requirements for Establishment of Insurance Companies
Table 39: New Zealand – Corporate Tax Rates for the Financial Year 2017
Table 40: New Zealand Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015
Table 41: New Zealand Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020
Table 42: New Zealand Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 43: New Zealand Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 44: New Zealand Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 45: New Zealand Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 46: New Zealand Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015
Table 47: New Zealand Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020
Table 48: New Zealand Personal Accident and Health Insurance – Health Insurance, 2011–2015
Table 49: New Zealand Personal Accident and Health Insurance – Health Insurance, 2015–2020
Table 50: New Zealand Personal Accident and Health Insurance – Health by Product, 2011–2015
Table 51: New Zealand Personal Accident and Health Insurance – Health by Product, 2015–2020
Table 52: New Zealand Personal Accident and Health Insurance – Travel Insurance, 2011–2015
Table 53: New Zealand Personal Accident and Health Insurance – Travel Insurance, 2015–2020
Table 54: Insurance Industry Definitions

List of Figures

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