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Over the past few years, the Non-life insurances market in New Zealand has been experiencing steady growth and development.
Customer preferences: Customers in New Zealand are increasingly seeking non-life insurance products that provide comprehensive coverage and tailored solutions to meet their specific needs. With a growing awareness of the importance of insurance protection, there is a rising demand for innovative and customizable non-life insurance products in the market.
Trends in the market: One of the key trends shaping the non-life insurance market in New Zealand is the increasing adoption of digital technologies. Insurers are leveraging digital platforms to enhance customer experience, streamline processes, and offer online insurance solutions. Additionally, there is a growing focus on sustainability and climate change resilience, leading to the development of insurance products that address environmental risks and promote sustainable practices.
Local special circumstances: New Zealand's unique geographic location and exposure to natural disasters such as earthquakes, floods, and storms have a significant impact on the non-life insurance market. Insurers in the region are continuously innovating their products to provide comprehensive coverage against natural disasters and other unforeseen events. The presence of a well-established regulatory framework also plays a crucial role in shaping the non-life insurance landscape in New Zealand.
Underlying macroeconomic factors: The stable economic growth, low unemployment rate, and increasing disposable income levels in New Zealand are driving the demand for non-life insurance products. As consumers become more financially conscious and risk-aware, there is a growing inclination towards securing their assets and belongings through various non-life insurance policies. Moreover, the government's initiatives to promote insurance literacy and awareness are further fueling the growth of the non-life insurance market in the country.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)