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New Zealand's Insurance Market

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New Zealand Non-Life BEST’S SPECIALOur R Insight,EPORT Your Advantage. Market Review New Zealand’s Insurance Market November 7, 2011 On Cusp of Transformation New Zealand’s insurance market is in a state of transformation as it grapples with prolonged earthquake activity and regulatory Sector developments. Non-Life The operating environment for the insurance and reinsurance Additional Information industry has shifted dramatically in the wake of the Darfield and Christchurch earthquakes, and even the role of the country’s 2011 Special Report: Earthquake Commission is under review. A.M. Best notes: A.M. Best Comments on Impact of Christchurch Earthquake on New Zealand Non-Life Industry • Insurers face a period of uncertainty as an estimated 8,000 after- shocks and earthquakes have occurred in the past year. While Analytical Contact rebuilding projects present opportunities for growth in insurance Chi-Yeung Lok, Hong Kong premiums, construction programmes are being stalled until the +852 2827 3414 ground settles. [email protected] • While reinsurance capacity is still available, coverage is more Researcher & Writer restrictive and comes at a significantly higher price. Reinsurers Yvette Essen, London have lifted rates significantly for risks in the Christchurch region +44 207 397 0322 and imposed more onerous terms and conditions. [email protected] • Insurers that are continuing to underwrite earthquake risk are Editorial Management passing on the bulk of these increased reinsurance costs to policy- Brendan Noonan holders. Companies are considering alternative risk transfer, such +1 (908) 439-2200 Ext. 5570 as the use of captives. [email protected] • Natural catastrophes are not the sole factor contributing to the remoulding of the insurance industry. Regulatory changes through the continued rollout of the Insurance (Prudential Supervision) Act 2010 are expected to lead to significant changes in the market. Licencing rules, minimum capital requirements and higher catastro- phe risk capital charges are expected to contribute to consolidation. New Zealand Non-Life and Life – Premiums (2008-2010) (NZD Millions) 12,000 2008 2009 2010* 10,000 8,000 6,000 4,000 2,000 BestWeek subscribers have full access to all statistical studies and special reports 0 at www.ambest.com/research. Some Life Non-life Total special reports are offered to the general *Estimated Source: Sigma World Insurance in 2010 public at no cost. Copyright © 2011 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. No part of this report or document may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of the A.M. Best Company. For additional details, refer to our Terms of Use available at the A.M. Best Company website: www.ambest.com/terms. Special Report November 7, 2011 Insurance Market Growth Slowed in Recent Years New Zealand’s insurance market has pensation Corp., while earthquake cover grown over the past few years, although for residential buildings and contents is the rate of expansion has been slowing. available through the Earthquake Com- This reflects challenging economic condi- mission. These two public-sector funds tions. Economic growth turned positive in account for approximately half of non-life mid-2010, but recovery will be modest and premiums. uneven. The International Monetary Fund currently predicts that gross domestic While greater demand for insurance and product (GDP) will expand by 2.02% for reinsurance is likely in areas hit by earth- 2011 and by 3.75% in 2012. According to quakes over the past year, rebuilding proj- Statistics New Zealand, GDP increased by ects have been stalled as aftershocks con- 1.6% in the first six months of 2011 com- tinue. The full impact of the earthquakes pared with the first six months of 2010. in New Zealand is yet to be seen, but some direct insurers and reinsurers do not want Exhibit 1 shows that total premiums to increase their aggregation of property/ increased an estimated 3.6% in 2010 to casualty (P/C) risk in Christchurch, espe- NZD 11,554 million (USD 8,337 million), cially for earthquake cover, and are unwill- compared with 6.8% growth in 2009. ing to underwrite new risks. In many cases, Growth has been driven by an increase in rates have increased dramatically, with both non-life and life premiums; however, reports that some (re)insurers are deliber- although life insurance premium as a per- ately pricing themselves out of the market. centage of GDP has crept higher, it remains (See Earthquake Impact on the Local Non- less than 1%, compared with 5% for non-life Life Insurance Market, page 6.) insurance. This reflects consumers’ prefer- ence to rely on social welfare as opposed Snapshot of the Top Five to buying life products and the use of the Non-Life Insurers KiwiSaver, a work-based savings retirement The New Zealand non-life insurance market initiative in which New Zealand citizens 18 is fragmented but dominated by a number and older who are permanently employed of large insurers, many of which have Aus- are automatically enrolled. tralian parent companies. The five largest insurers control about three-quarters of The higher non-life penetration is driven the non-life market in part by automatic insurance for certain products, including personal injury in the Based on analysis of these five companies – workplace and motor third-party liability. Insurance Australia Group (NZ) Holdings Ltd., Medical malpractice and products liability Vero Insurance New Zealand Ltd., AMI Insur- are provided through the Accident Com- ance Ltd., Lumley General Insurance (NZ) Exhibit 1 and Tower Insurance Ltd. – there have been a number of notable trends in recent years. New Zealand Non-Life & Life – Key Market Statistics (2008-2010) As Exhibit 2 shows, the five largest non-life insurers have increased their total net pre- 2010 Indicator 2008 2009 (Estimated) miums written (NPW) in recent years. NPW Population (000s) 4,276 4,321 4,369 grew by 2.5% in 2009 and 4.5% in 2010. Gross Domestic Product (NZD Billions) 184.17 185.91 194.74 Change in Real GDP (%) -0.07 -2.02 1.66 Combined ratios have fallen from 102% in Insurance Penetration (Life) (% of GDP) 0.87 0.93 0.95 2008 to 91% in 2010, reflecting a reduction Insurance Penetration (Non-Life) (% of GDP) 4.80 5.07 4.98 in net claims incurred, although the recent Insurance Penetration (Total) (% of GDP) 5.67 6.00 5.93 earthquake activity will result in insurers Insurance Premium (Life) (NZD Millions) 1,605 1,725 1,855 posting a loss for 2011. Net operating expens- Insurance Premium (Non-life) (NZD Millions) 8,838 9,425 9,699 Insurance Premium (Total) (NZD Millions) 10,443 11,150 11,554 es increased in 2010 as commissions rose. Change in Premium Volume (Total) (%) 8.99 6.77 3.62 The top five non-life insurers have been Sources: International Monetary Fund, World Economic Outlook Database, September 2011; readjusting their investment portfolios in Sigma World Insurance in 2010 recent years (see Exhibit 3). 2 Special Report November 7, 2011 As expected, the investments of P/C compa- as for countries such as Japan (also a nies are largely in bonds and cash. In 2008, CRT-2), while in comparison Australia is bonds and other fixed-interest securities a CRT-1 country. represented 64% of the aggregated invest- ment portfolios of the five largest non-life Regulatory Transformation insurers, and in 2010 this had increased to Commenced 68.9%. Meanwhile, investments in shares Before the earthquake activity, the insur- and other variable-interest instruments rep- ance sector was braced for a major over- resented 6.9% of total assets in 2008. In 2010 haul as the Reserve Bank of New Zealand they contributed 1.7%. (RBNZ) took over regulation of the sector. The Insurance (Prudential Supervision) Act Real estate is among the smallest invest- 2010 (IPSA), which received Royal Assent on ment sectors (2% of total assets in 2010) Exhibit 2 for the top five non-life insurers. However, New Zealand Non-Life – Aggregated Combined the decline in New Zealand’s property mar- Ratio & Premiums for Top 5 Insurers (2008-2010) ket could lead to revaluation losses. Ratio & Premiums for Top 5 Insurers (2008-2010) 104104 $2.5$2.5 The value of investments for the five larg- 102102 est non-life insurers increased by 30.5% 2.02.0 (NZD Billions) from 2008 to reach NZD 2.52 billion in 2010. 100100 (NZD Billions) 1.5 However, as Exhibit 4 shows, net invest- 9898 1.5 ment return experienced some volatility, 9696 reaching 8.9% in 2008 but decreasing to 1.01.0 Combined Ratio (%) 4.9% in 2010. Combined Ratio (%) 9494 0.50.5 9292 Relatively low interest rates could provide 9090 00 a stable stream of investment earnings 20082008 20092009 20102010 over the near term, although investment NetNet operatingoperating expensesexpenses NetNet claimsclaims incurredincurred yields may remain flat. Furthermore, EarnedEarned premiumspremiums NetNet premiumspremiums writtenwritten insurers that liquidate assets to cover CombinedCombined RatioRatio earthquake losses will likely experience a Source:Source: A.M.A.M. BestBest Co.Co. decline in investment income. New Zealand insurers and their parent Exhibit 3 companies are considering capital and New Zealand Non-Life – Top Five Insurers’ Invested operational aspects. Capital enhancement Asset Mix (2008-2010) may be necessary to meet solvency stan- dards and strengthen balance sheets in the 100%100% wake of the earthquake losses. 9090 8080 Specific economic challenges in New Zea- 70 land could also impact the environment 70 in which domestic insurers operate. A.M. 6060 Best’s country risk rating methodology 5050 identifies risks specific to the country 4040 that could compromise an insurer’s 3030 ability to meet its financial obligations.
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