Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2021

Published: Nov, 2017 | Pages: 96 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Personal Accident and Health Insurance in New Zealand Key Trends and Opportunities to 2021' 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, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

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 'Personal Accident and Health Insurance in New Zealand Key Trends and Opportunities to 2021' 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

• The various distribution channels in the New Zealand personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in New Zealand

• 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 2012-2016 review period, and projected figures for the 2016-2021 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 2021.

• It provides a comparison of the New Zealand personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in New Zealand.

• 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

• On November 25, 2016, the Accident Compensation Corporation increased the contribution towards the cost of treatment for New Zealanders paid to the treatment providers by 2.2%. The new rates were effective in the country from December 1, 2016.

• In January 2016, the Fair Insurance Code was released by the Insurance Council of New Zealand (ICNZ) to establish high standards of service and to check the claims being resolved by the insurers. All members of the insurance council must operate according to the code.

• A ban on commission for insurance brokers and advisers was proposed in May 2015.

• New Zealand health insurance industry experienced an exorbitant growth, with a CAGR (compound annual growth rate) of 57.7% during the review period (2012-2016).

 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 Claims
4.2.3 Assets and investments
5 OUTLOOK BY CATEGORY
5.1 Personal Accident Insurance
5.1.1 Premium
5.1.2 Active policies
5.1.3 Claims
5.2 Health Insurance
5.2.1 Premium
5.2.2 Active policies
5.2.3 Claims
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
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Personal Accident Insurance
9.5 Health Insurance
9.6 Health Insurance by Category
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, 2016
Table 2: New Zealand Personal Accident and Health Insurance - Top Insurers, 2016
Table 3: New Zealand Government Credit Ratings
Table 4: New Zealand Personal Accident and Health Insurance - Gross Written Premium (NZD Million and US$ Million), 2012-2016
Table 5: New Zealand Personal Accident and Health Insurance - Gross Written Premium (NZD Million and US$ Million), 2016-2021
Table 6: New Zealand Personal Accident and Health Insurance - Paid Claims (NZD Billion and US$ Million), 2012-2016
Table 7: New Zealand Personal Accident and Health Insurance - Paid Claims (NZD Billion and US$ Million), 2016-2021
Table 8: New Zealand Personal Accident and Health Insurance - Total Assets (NZD Billion and US$ Billion), 2012-2016
Table 9: New Zealand Personal Accident and Health Insurance - Total Assets (NZD Billion and US$ Billion), 2016-2021
Table 10: New Zealand Personal Accident and Health Insurance - Investment Portfolio (NZD Million), 2012-2016
Table 11: New Zealand Personal Accident and Health Insurance - Investment Portfolio (NZD Million), 2016-2021
Table 12: New Zealand Personal Accident and Health Insurance - Gross Written Premium by Category (NZD Million), 2012-2016
Table 13: New Zealand Personal Accident and Health Insurance - Gross Written Premium by Category (NZD Million), 2016-2021
Table 14: New Zealand Personal Accident Insurance - Gross Written Premium (NZD Million and US$ Million), 2012-2016
Table 15: New Zealand Personal Accident Insurance -Gross Written Premium (NZD Million and US$ Million), 2016-2021
Table 16: New Zealand Personal Accident Insurance - Number of Active Policies (Thousand), 2012-2016
Table 17: New Zealand Personal Accident Insurance - Number of Active Policies (Thousand), 2016-2021
Table 18: New Zealand Personal Accident Insurance - Paid Claims (NZD Million and US$ Million), 2012-2016
Table 19: New Zealand Personal Accident Insurance - Paid Claims (NZD Million and US$ Million), 2016-2021
Table 20: New Zealand Health Insurance - Gross Written Premium by Sub-Category (NZD Million), 2012-2016
Table 21: New Zealand Health Insurance - Gross Written Premium by Sub-Category (NZD Million), 2016-2021
Table 22: New Zealand Health Insurance - Number of Active Policies (Thousand), 2012-2016
Table 23: New Zealand Health Insurance - Number of Active Policies (Thousand), 2016-2021
Table 24: New Zealand Health Insurance - Paid Claims (NZD Billion and US$ Million), 2012-2016
Table 25: New Zealand Health Insurance - Paid Claims (NZD Billion and US$ Million), 2016-2021
Table 26: New Zealand Personal Accident and Health Segment - Top Insurers, 2016
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, 2012-2016
Table 41: New Zealand Personal Accident and Health Insurance Industry - Policies and Premium, 2016-2021
Table 42: New Zealand Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 43: New Zealand Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 44: New Zealand Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 45: New Zealand Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 46: New Zealand Personal Accident and Health Insurance - Personal Accident Insurance, 2012-2016
Table 47: New Zealand Personal Accident and Health Insurance - Personal Accident Insurance, 2016-2021
Table 48: New Zealand Personal Accident and Health Insurance - Health Insurance, 2012-2016
Table 49: New Zealand Personal Accident and Health Insurance - Health Insurance, 2016-2021
Table 50: New Zealand Personal Accident and Health Insurance - Health Insurance by Product, 2012-2016
Table 51: New Zealand Personal Accident and Health Insurance - Health Insurance by Product, 2016-2021
Table 52: Insurance Industry Definitions