The Reserve Bank yesterday began publishing new quarterly statistics to provide insights into the structure and activities of the insurance industry in New Zealand.
The newly published statistics provide aggregated financial data provided by licensed insurers.
RBNZ’s head of macro financial stability, Bernard Hodgetts, said the country’s private insurance sector was relatively small by international standards.
“This reflects a number of factors, including the comparatively large role of government in the provision of social insurance services in New Zealand, and the small extent to which insurance products are part of NZ’s retirement savings infrastructure.”
The Reserve Bank licenses and supervises insurers operating in New Zealand subject to the Insurance (Prudential Supervision) Act 2010. Insurance provided by Government entities such as Accident Compensation Corporation (ACC) and Earthquake Commission (EQC) were not subject to the Act.
Hodgetts said the Reserve Bank collects data from licensed insurers only.
Yesterday’s release provides industry analysis sourced from the Reserve Bank’s Quarterly Insurer Survey. The survey covers 28 out of 88 licensed insurers which currently account for just under 90% of assets and premiums of the insurance industry as a whole.
Statistics manager Steffi Schuster said that these larger insurers earned premiums of $9 billion over the year to September 2017, while gross claims were $8 B.
“These insurers held assets worth $21 B and liabilities of $14 B at the end of September 2017.”
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