Best’s Market Segment Report: AM Best Assigns Stable Outlook on New Zealand’s Life Insurance Segment
AM Best is assigning a stable outlook on the
The Best’s Market Segment Report, “Market Segment Outlook:
New Zealand’s life insurers are generally well-capitalised and supported by a conservative capital management strategy. With the interim solvency standards taking effect on
“Although the shift to the new standard resulted in some recalibration of reported solvency ratios, the underlying financial strength of the country’s life insurance segment generally remains robust,” said
According to the report, life insurers’ declining profits in recent periods have been driven by both higher claims costs and lower premium revenues, and have continued to pressure earnings. These challenges have necessitated strategic cost controls and efficiency improvements, which remain critical to maintaining profitability.
Life insurers have been investing in technology to improve their operational efficiency to better address consumer demand. Digital underwriting tools and online application systems are being adopted by a growing number of insurers to enhance the user experience. “More advanced data infrastructure allows insures to provide highly flexible and tailored insurance products/coverages,” said Yi Ding, associate director, AM Best. “Given how rapidly digital technology has been developing, life insurers will likely continue to invest heavily in insurtech and grow their direct distribution channels.”
To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=348570.
AM Best will discuss New Zealand’s insurance industry in further detail at its Insurance Market Briefing –
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
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Yi Ding
Associate Director, Analytics
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Director, Head of Analytics
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Associate Director, Public Relations
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Source: AM Best
Best’s Market Segment Report: AM Best Maintains Stable Outlook on New Zealand’s Non-Life Insurance Segment
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