New Zealand Insurance Companies
WelcometothispresentationaboutthefascinatingworldofNew Zealandinsurancecompanies.Today,we'regoingtoexplorethehistory, regulations,andfutureofthisexcitingindustry.
byNirajBoricha
byNirajBoricha
The Overview of the NZ Insurance Industry
The Market
NewZealandhasasmallbut thrivinginsuranceindustry encompassingboth personalandcommercial linesofinsurance.
The Growth
Theindustryisgrowing steadilywithpremiums totalingoverNZD6billionin 2019.
The Challenges
Insurancepenetration remainslowinNewZealand andtheindustryfaces increasingregulatory scrutiny.
Top Insurance Companies in NZ
IAGisthelargestinsurerin
NewZealandwithamarket shareofover40%.Its portfolioincludesbrandssuch asAMI,State,andNZI.
Suncorpisthesecondlargest insurerinNewZealand,witha marketshareof approximately18%.Its portfolioincludesbrandssuch asVeroandAsteronLife.
Towerisaspecialistinsurerin
NewZealand,withamarket shareofapproximately6%.Its portfolioincludesbrandssuch asTowerInsuranceandTower Health&Life.
1. IAG 2. Suncorp 3. TowerHistory and Evolution of Insurance in NZ
Early 20th Century
NewZealandinsurancecompaniesexpanded toofferawiderrangeofproducts,including lifeinsuranceandfireinsurance. 3
2
1840s
ThefirstinsurancecompaniesinNewZealand wereformedbyBritishunderwriterstocover thetransportofgoodsandpassengers.
1990s
TheNewZealandinsuranceindustry underwentsignificantderegulationand consolidation.
1
Types of Insurance Offered by NZ Companies
Thisisoneofthemoststraight forwardbutessentialtypesof insuranceyoucanhave.It protectsyourlovedones’future byprovidingalumpsum paymentupontheinsured person’sdeathordiagnosisofa terminalillnessorinjurylikelyto resultinyourdeathwithinthe next12months.
Traumacoverprovidesalump sumpay-outtotheinsured personupondiagnosisof certainmedicalconditionsor disabilities.Oneofthe significantbenefitsofhaving Traumacoveristhatifyousuffer fromacriticalillnesssuchasa heartattack,stroke,cancer, permanentlossoflimbs,or majorburns,youwillreceivea lumpsumpayment.
Yourabilitytoearnmaybeyour mostsignificantfinancialasset, andincomecoverisdesignedto protectit.Ifyouhadanaccident orbecameillandcouldno longerwork,incomecovercan provideyouwitharegular monthlyincome.Thisallowsyou tofocusonyourrecovery withoutworryingabouthowto paythebillsormaintainyour currentlifestyle.
Life Insurance Trauma Cover Income ProtectionRegulations and Standards for NZ Insurance Companies
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TheRBNZ isresponsiblefor thesupervisionand regulationofallinsurance companiesoperatinginNew Zealand.
Ombudsman
TheIFSCOactsasan independentmediatorto helpresolvedisputes betweenpolicyholdersand insurancecompanies.
TheFMAisresponsibleforensuringthatinsurancecompanies operatinginNewZealandcomplywithallapplicablelaws, regulations,andstandards.
1 The Reserve Bank of New Zealand The Insurance and Financial Services 3 The Financial Markets Authority
Comparison
NewZealandInsurance Companies InternationalInsurance Companies Size Small Large MarketShare Fragmented DominantPlayers ProductRange Limited Wide RegulatoryFramework Stringentandcompliantoriented Variedregulatorylandscape
of NZ Insurance Companies with International Counterparts
Future Outlook and Potential Challenges for NZ Insurance Industry
1 Opportunities for Growth
NewZealand'sinsuranceindustryisexperiencingsteadygrowthandwouldbenefit fromfurtherexpansionintoAsiaandthePacific.
2 Increasing Competition
TheinsuranceindustryinNewZealandisbecomingmorecompetitive,withnew entrantsandnon-traditionalplayersjoiningthemarket.
3 Changing Customer Preferences and Needs
Ascustomersbecomemoreinformedanddigitallysavvy,insurancecompanieswill needtoadapttostayrelevantandmeetevolvingcustomerneeds.
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