Boston, MA -- (SBWIRE) -- 09/19/2014 -- Both the life and non-life segments of New Zealand's insurance industry continue to produce results which do not inspire much confidence for the future. In terms of the life markets premium growth remains fairly flat although profits have been driven by non-insurance based activity. In terms of the non-life market there is still adverse ripple effects being felt from 2011 Christchurch/Canterbury earthquakes and 2013 weather effects which pushed up reinsurance costs. In both life and non-life markets the poor results stimulated a number of changes in the competitive environment including a number of large scale acquisitions in which larger firms aim to achieve greater economies of scale in the long run .

The key data still suggests that both the life and non life sectors are growing at a fairly sluggish rate and that by most metrics the industry remains underdeveloped in 2014. There are a few key reasons preventing both of these sectors to grow at a faster rate, firstly there is an apparent underlying disinterest in insurance in New Zealand which is reflected in the fairly low market penetration in both the life and non life sectors, compared to other more developed regional peers.

View Full Report Details and Table of Contents

Other issues contributing to the lack of growth in the industry include rising prices and reinsurance costs which have the potential to decrease growth in the future. All of this is in the context of an economy which itself is going through a period of slow growth and economic activity does not bode well for the future.

Recent Developments:

- South African insurer Youi officially launches in NZ targeting the IAG dominated car, home and contents insurance markets

- Life companies are increasingly reliant on non insurance portion of the business such as KiwiSaver or other wealth management offerings.

- The cost of reinsurance looks like it will continue to rise in the future as companies react to residual affects of 2011 Christchurch earthquake and adverse weather...

The New Zealand Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's New Zealand Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the New Zealand insurance industry.

Key Benefits:

- Benchmark BMI's independent insurance industry forecasts for New Zealand to test other views - a key input for successful budgeting and strategic business planning in New Zealand's insurance market.

- Target business opportunities and risks in New Zealand through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.

- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage:

BMI Industry View:

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis:

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook:

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings:

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts:

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 800-844-8156

Browse all Financial Services research reports at Fast Market Research

You may also be interested in these related reports:

- Greece Insurance Report Q4 2014
- Mexico Insurance Report Q4 2014
- Bahrain Insurance Report Q4 2014
- Hong Kong Insurance Report Q4 2014
- United States Insurance Report Q4 2014
- Poland Insurance Report Q4 2014
- Canada Insurance Report Q4 2014
- South Korea Insurance Report Q4 2014
- Hungary Insurance Report Q4 2014
- Oman Insurance Report Q4 2014