Ken Research has announced its distribution on, “Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2020” which provides a detailed outlook by product category for the New Zealand personal accident and health insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts.
The report furnishes values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).
It gives a comprehensive overview of the New Zealand economy and demographics, and provides detailed information on the competitive landscape in the country.
It also includes the details of insurance regulations, and recent changes in the regulatory structure and offers a detailed analysis of the key categories in the New Zealand personal accident and health insurance segment, and market forecasts to 2020.
It helps to make strategic business decisions using in-depth historic and forecast market data related to the New Zealand personal accident and health insurance segment, and each category within it and enables the users to comprehend the demand-side dynamics, key market trends and growth opportunities in the New Zealand personal accident and health insurance segment.
Through this report, a user can properly gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry’s future as well as have access to proper analysis of the competitive dynamics.
With the introduction of the Insurance Prudential Supervision Act (IPSA) in 2010, all insurers were required to maintain consent with solvency standards and appropriate risk management policies in New Zealand.
Unsustainable levels of public spending on healthcare and an increase in healthcare costs have commenced the reforms in the health segment, further induced the government to behold the role of private insurance.
The personal accident and health segment reckoned for 32.7% of the industry’s direct written premium in 2015.
The growth prospective of the segment drove competitors to develop their distribution channels, adopt cost control measures and collaborate with other businesses to expand their product portfolios and market reach.
On November 25, 2016, the Accident Compensation Corporation (ACC) increased the contribution of treatment providers by 2.2% and further this is expected to improve the prevailing number of insurance takers.
The personal accident and health insurance sector is expected to ameliorate at an ever growing CAGR year after year with increased awareness amongst the people and their evolving needs for getting insured against their lives which mean a lot to them.
Insurance will soon be treated as a tool to curb losses that one has to suffer otherwise especially in cases of families having a sole earner.