Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s New Zealand Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for New Zealand includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The most distinctive feature of the New Zealand insurance environment is the existence of two state-owned entities, the Accident Compensation Corporation (ACC) and the Earthquake Commission (EQC), which provide no-fault accident compensation and first-loss household earthquake insurance, respectively.
In 2019 New Zealand was the 32nd largest non-life market in the world. That year member companies of the Insurance Council of New Zealand (ICNZ) wrote gross premiums of NZD 6.88bn, but premiums and levies paid to the ACC and EQC took the market total to around NZD 11.88bn. Non-life insurance accounted for 2.15% of GDP, equivalent to USD 920 per capita.
There were 83 active insurance companies licensed, of which 45 were non-life and eight were captives.
New Zealand is exposed to earthquake, volcanic eruption and to a lesser extent cyclone and flood. A series of earthquakes around Christchurch in South Island in the two years following September 2010 produced estimated insured losses of up to NZD 39bn