UK's Life Insurance Segment is Set to See a Cagr of Almost 2% by 2018, According to a New Study on ASDReports

Wednesday 30 July 2014, Amsterdam

Report description overview:

Timetric’s Life Insurance in New Zealand, Key Trends and Opportunities to 2018 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 and a description of the life reinsurance segment in New Zealand. You will also gain an understanding of the various distribution channels in the New Zealand life insurance segment and a detailed competitive landscape in the life insurance segment in New Zealand.

The difference:

• Assess the competitive dynamics in the life insurance segment in New Zealand, providing you with the chance to get ahead of your competitors.
• Gain insights into key regulations governing the insurance segment in New Zealand and its impact on companies and the market’s future.
• Understand the demand-side dynamics, key market trends and growth opportunities, to better position your business for future growth.

Additional report highlights:
 
The insurance industry grew during the last five years, although the rate of expansion decelerated. In terms of gross written premium, the industry grew from NZD10 billion in 2009 to just under NZD13 billion in 2013 at a CAGR of 6% during the review period. Although gross written premiums grew during the review period, high loss and combined ratios in the non-life and personal accident and health insurance segments adversely affected the profitability of insurers. This was due to two key challenges during the review period: earthquakes in Canterbury and Christchurch in 2011 and the transition to a new prudential regime during 2012−2013.

The life segment continued to grow during the review period, albeit at a moderate pace, with the gross written premium rising from NZD1 billion in 2009 to a little under NZD2 billion in 2013, at a CAGR of 5%. This can be attributed to losses recorded due to a series of earthquakes caused in 2011. The life segment is expected to remain stable and register a CAGR of almost 7%, in gross written premium terms over the next four years supported by a recovery in economic conditions. High levels of underinsurance, coupled with an aging population are all expected to create demand for life insurance products over the forecast period.