Property Insurance - New Zealand | Statista Market Forecast

The Property Insurance market market in New Zealand is projected to reach a market size (gross written premium) of US$1.68bn in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$319.20 in 2024.
It is expected that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 3.95%, resulting in a market volume of US$2.04bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
New Zealand's property insurance market is experiencing a surge in demand due to increasing awareness and preparedness for natural disasters.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Amidst the picturesque landscapes of New Zealand, the Property Insurance market is experiencing notable trends and developments. Customer preferences in the Property Insurance market in New Zealand are leaning towards comprehensive coverage that includes protection against natural disasters such as earthquakes and floods. Customers are increasingly valuing policies that offer a wide range of coverage to safeguard their properties against various risks. Trends in the market indicate a growing demand for innovative insurance products that cater to the unique geographical features of New Zealand. Insurers are adapting their offerings to provide specialized coverage for properties located in high-risk areas prone to natural disasters. Additionally, there is a rising interest in digital insurance solutions, making it more convenient for customers to purchase and manage their policies online. Local special circumstances, such as the country's exposure to seismic activities, significantly influence the Property Insurance market in New Zealand. Insurers are focusing on developing risk assessment models that accurately evaluate the potential impact of earthquakes on properties, leading to tailored insurance products for different regions within the country. Underlying macroeconomic factors, such as population growth and urbanization, play a crucial role in shaping the Property Insurance market in New Zealand. As more people move to urban centers, the demand for property insurance increases, driving insurers to innovate and offer competitive coverage options to meet the evolving needs of customers. Additionally, economic stability and regulatory changes impact the overall insurance landscape, prompting insurers to adjust their strategies to remain competitive in the market.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.