Property And Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.36 Billion |
| Market Size (2029) | USD 9.48 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Property And Casualty Insurance Market Analysis
The Property And Casualty Insurance Market size is estimated at USD 7.36 billion in 2024, and is expected to reach USD 9.48 billion by 2029, growing at a CAGR of less than 5.20% during the forecast period (2024-2029).
The property and casualty insurance market in New Zealand encompasses various types of insurance coverage, including home insurance, motor vehicle insurance, commercial property insurance, liability insurance, and other forms of coverage for individuals and businesses. Factors such as population growth, economic conditions, weather events, and regulatory changes can influence the performance and dynamics of the property and casualty insurance market in New Zealand. Catastrophic events like earthquakes, floods, and storms can have a significant impact on insurance claims and pricing. Insurance premiums in New Zealand are influenced by factors such as the insured property's location, value, risk profile, and the policyholder's claims history. Insurance companies conduct risk assessments to determine the appropriate premium levels for different policyholders.
The post-COVID-19 scenario of the property and casualty insurance market in New Zealand is showing resilience and growth. With the recovery of the economy and increased awareness of the importance of insurance coverage, the market is experiencing a positive trend.
Property And Casualty Insurance Market Trends
Increase in New Residential Buildings
Many residential buildings are being constructed; there is a greater need for insurance coverage to protect these properties against potential risks such as fire, theft, natural disasters, and liability. This increased demand is leading to a growth in the property and casualty insurance market. Insurance companies are responding to the rising demand by developing specialized insurance products tailored to the needs of new homeowners. These products are offering comprehensive coverage for new construction, including builder's risk insurance during the construction phase and homeowner's insurance once the property is completed. The construction of new residential buildings has an impact on insurance rates. Insurance companies assess the risks associated with insuring these properties, considering factors such as the location, construction quality, materials used, and local building codes. These assessments influence the insurance premiums charged to homeowners.
Increased Penetration of Technology in the Insurance Sector is Driving the Market
The increased penetration of technology in the insurance sector has had a significant impact on the property and casualty (P&C) insurance market. Technology has automated and streamlined various processes within the insurance industry, leading to improved operational efficiency and cost reduction. Telematics and IoT technologies have revolutionized the P&C insurance market, particularly in the auto insurance segment. Telematics devices and sensors installed in vehicles collect real-time data on driving behavior, such as speed, acceleration, braking, and location. Insurers can leverage this data to offer usage-based insurance (UBI) policies, rewarding safe driving habits with lower premiums. IoT devices, such as smart home sensors, can also be used to monitor properties and prevent losses, leading to more accurate risk assessment and pricing in the property insurance segment. The increased penetration of technology has transformed the P&C insurance market by improving efficiency, enhancing the customer experience, enabling better risk assessment, and fostering innovation.
Property And Casualty Insurance Industry Overview
The report covers the major players operating in the property and casualty insurance market in New Zealand. The market is relatively consolidated and is expected to grow during the forecast period due to new government regulations and low penetration in the market compared to OCED countries. Some of the players currently dominating the market such as AIA International Limited, Zurich Financial Services Australia Limited, Iag New Zealand Limited, Tower Financial Services Group Limited, and Aig Insurance New Zealand Limited.
Property And Casualty Insurance Market Leaders
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AIA International Limited
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Zurich Financial Services Australia Limited
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Iag New Zealand Limited
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Tower Financial Services Group Limited
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Aig Insurance New Zealand Limited
*Disclaimer: Major Players sorted in no particular order
Property And Casualty Insurance Market News
- September 2023: Howden New Zealand, a global insurance group, expanded its presence in New Zealand. They recently completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries.
- July 2022: Chubb Life announced that Gail Costa will lead the company's life insurance operations in New Zealand that were recently acquired from Cigna.
Property And Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Property Values is Driving the Market
- 4.2.2 Growing Awareness of the Need for Insurance Coverage
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4.3 Market Restraints
- 4.3.1 Natural Disasters such as Earthquakes and Floods is Restraining the Market
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4.4 Market Opportunities
- 4.4.1 Growing Demand for Innovative Products and Services
- 4.4.2 Advancements in Technology and Data Analytics Present Opportunities
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4.5 Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Suppliers
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights on Technological Advancements in the Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance type
- 5.1.1 Home
- 5.1.2 Motor
- 5.1.3 Other Insurance types (marine, professional liability etc.,)
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5.2 By Channel of Distribution
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Other channels of distribution (bancassurance, tied agents and branches)
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration
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6.2 Company Profiles
- 6.2.1 AIA International Limited
- 6.2.2 Zurich Financial Services Australia Limited
- 6.2.3 IAG New Zealand Limited
- 6.2.4 Tower Financial Services Group Limited
- 6.2.5 Aig Insurance New Zealand Limited
- 6.2.6 FMG Insurance Limited
- 6.2.7 Crombie Lockwood (NZ) Limited
- 6.2.8 Allianz Australia Insurance Limited
- 6.2.9 Aon New Zealand
- 6.2.10 Westpac Life-NZ- Limited*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND APPENDIX
** Subject To AvailablityProperty And Casualty Insurance Industry Segmentation
This report aims to provide a detailed analysis of the property and casualty insurance market in New Zealand. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property and casualty insurance market in New Zealand. The market is segmented by insurance type, which includes home, motor, others such as marine, professional liability, etc., and by distribution channel, which includes direct, agency, banks, others such as bancassurance, tied agents and branches, etc.
The report offers market size and forecasts for the property and casualty insurance market in New Zealand in terms of revenue (USD) for all the above segments.
| By Insurance type | Home |
| Motor | |
| Other Insurance types (marine, professional liability etc.,) | |
| By Channel of Distribution | Direct |
| Agency | |
| Banks | |
| Other channels of distribution (bancassurance, tied agents and branches) |
Property And Casualty Insurance Market Research FAQs
How big is the Property And Casualty Insurance Market?
The Property And Casualty Insurance Market size is expected to reach USD 7.36 billion in 2024 and grow at a CAGR of less than 5.20% to reach USD 9.48 billion by 2029.
What is the current Property And Casualty Insurance Market size?
In 2024, the Property And Casualty Insurance Market size is expected to reach USD 7.36 billion.
Who are the key players in Property And Casualty Insurance Market?
AIA International Limited, Zurich Financial Services Australia Limited, Iag New Zealand Limited, Tower Financial Services Group Limited and Aig Insurance New Zealand Limited are the major companies operating in the Property And Casualty Insurance Market.
What years does this Property And Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the Property And Casualty Insurance Market size was estimated at USD 6.98 billion. The report covers the Property And Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Property And Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Property And Casualty Insurance Industry Report
Statistics for the 2024 Property and Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Property and Casualty Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
