The Life insurance market in New Zealand is experiencing a shift in customer preferences towards more comprehensive coverage options and flexible policies.
Customer preferences: Customers in New Zealand are increasingly seeking life insurance policies that offer a wide range of coverage, including critical illness and disability benefits, in addition to the traditional death benefits. This shift can be attributed to the growing awareness among consumers about the importance of financial protection in the face of unexpected health challenges or accidents.
Trends in the market: One noticeable trend in the New Zealand life insurance market is the rise of digital insurance platforms and online distribution channels. Insurers are leveraging technology to offer simplified underwriting processes, quick policy issuance, and personalized insurance solutions to cater to the evolving needs of customers. This trend is not unique to New Zealand but reflects a global shift towards digitalization in the insurance industry.
Local special circumstances: In New Zealand, the regulatory environment plays a significant role in shaping the life insurance market. The regulatory framework emphasizes consumer protection, transparency, and fair treatment of policyholders. Insurers operating in the country need to adhere to strict regulatory requirements, which ultimately benefit customers by ensuring the reliability and integrity of the insurance products available in the market.
Underlying macroeconomic factors: The economic stability and growth prospects of New Zealand also influence the development of the life insurance market. As the economy expands and disposable incomes rise, individuals are more inclined to invest in insurance products as a means of securing their financial future and protecting their families. Moreover, the low interest rate environment in the country may drive demand for life insurance products that offer investment components or savings benefits in addition to risk coverage.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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