New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/27/2013 -- Key Insights And Key Risks
The developments through 2012 have highlighted the strengths of and the challenges facing New Zealand's non-life segment. Non-life insurers have demonstrated that they had the financial and operational strength to deal with the surge in claims arising from the main Christchurch earthquake of February 22, 2011. The Earthquake Commission (EQC) and the Accident Compensation Corporation (ACC) have also performed well. The insurers have been able to access reinsurance. To date, it appears that all have been able to pass on the additional costs as increased premiums. Many of the non-life companies are elements of much larger regional (Australian) or global organisations.
The challenges relate mainly to the sluggish economy, the lack of consumer confidence and the maturity of many non-life lines in New Zealand. Although, by the standards of developed countries, non-life penetration is not particularly high, the latest comments from the non-life companies indicate that premium growth this year will remain at single-digit levels. In part because of the socialisation of risks through the EQC and the ACC, there is no obvious catalyst for non-life penetration to rise.
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