Market Data

Raraunga Tauhokohoko

All Business 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 6,820,478,076 6,902,585,662 7,390,033,647 8,189,698,802 9,502,686,485

Net Written Premium ($) 4,600,216,515 4,521,996,113 4,930,959,335 5,593,512,178 6,417,540,004

Net Earned Premium ($) 4,410,988,295 4,474,848,690 4,749,425,777 5,263,044,907 5,742,692,443

Net Claims incurred ($) 2,300,070,620 2,514,716,930 2,875,016,209 3,076,899,138 4,041,712,013

Loss Ratio (%) 52.14% 56.20% 60.53% 58.5% 70.38%

Business Costs ($) 1,325,061,075 1,300,077,833 1,278,211,730 1,402,130,830 1,555,378,656

Combined Ratio 82.18% 85.25% 87.45% 85% 97.46%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	6,820,478,076	6,902,585,662	7,390,033,647	8,189,698,802	9,502,686,485
Net Written Premium ($)	4,600,216,515	4,521,996,113	4,930,959,335	5,593,512,178	6,417,540,004
Net Earned Premium ($)	4,410,988,295	4,474,848,690	4,749,425,777	5,263,044,907	5,742,692,443
Net Claims incurred ($)	2,300,070,620	2,514,716,930	2,875,016,209	3,076,899,138	4,041,712,013
Loss Ratio (%)	52.14%	56.20%	60.53%	58.5%	70.38%
Business Costs ($)	1,325,061,075	1,300,077,833	1,278,211,730	1,402,130,830	1,555,378,656
Combined Ratio	82.18%	85.25%	87.45%	85%	97.46%

Commercial Material Damage and Business Interruption 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 923,276,042 980,162,446 1,091,272,829 1,201,708,026 1,415,747,726

Net Written Premium ($) 504,556,262 527,502,156 546,908,914 602,334,439 769,698,069

Net Earned Premium ($) 456,514,539 503,024,066 517,493,033 583,090,311 641,931,727

Net Claims incurred ($) 239,015,033 351,108,325 422,116,787 470,272,412 739,037,085

Loss Ratio (%) 52.36% 69.80% 81.57% 80.7% 115%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	923,276,042	980,162,446	1,091,272,829	1,201,708,026	1,415,747,726
Net Written Premium ($)	504,556,262	527,502,156	546,908,914	602,334,439	769,698,069
Net Earned Premium ($)	456,514,539	503,024,066	517,493,033	583,090,311	641,931,727
Net Claims incurred ($)	239,015,033	351,108,325	422,116,787	470,272,412	739,037,085
Loss Ratio (%)	52.36%	69.80%	81.57%	80.7%	115%

Domestic Buildings and Contents 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 1,864,492,475 1,903,035,722 2,008,454,899 2,220,942,133 2,589,484,653

Net Written Premium ($) 1,273,910,939 1,302,153,593 1,331,226,893 1,523,059,047 1,680,639,999

Net Earned Premium ($) 1,248,907,489 1,288,951,086 1,292,265,597 1,414,343,768 1,480,873,211

Net Claims incurred ($) 609,379,099 716,821,088 910,541,234 910,837,125 1,278,544,870

Loss Ratio (%) 48.79% 55.61% 70.46% 64.4% 86%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	1,864,492,475	1,903,035,722	2,008,454,899	2,220,942,133	2,589,484,653
Net Written Premium ($)	1,273,910,939	1,302,153,593	1,331,226,893	1,523,059,047	1,680,639,999
Net Earned Premium ($)	1,248,907,489	1,288,951,086	1,292,265,597	1,414,343,768	1,480,873,211
Net Claims incurred ($)	609,379,099	716,821,088	910,541,234	910,837,125	1,278,544,870
Loss Ratio (%)	48.79%	55.61%	70.46%	64.4%	86%

Motor Commercial and Private 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 2,246,287,211 2,282,963,155 2,468,199,988 2,709,769,688 3,101,925,732

Net Written Premium ($) 1,733,682,657 1,746,195,478 1,930,826,621 2,172,421,927 2,534,652,614

Net Earned Premium ($) 1,671,167,121 1,695,804,243 1,852,725,209 2,054,510,793 2,275,385,794

Net Claims incurred ($) 1,159,798,847 1,127,250,377 1,248,143,862 1,421,215,262 1,729,512,482

Loss Ratio (%) 69.40% 66.47% 67.37% 69.2% 76%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	2,246,287,211	2,282,963,155	2,468,199,988	2,709,769,688	3,101,925,732
Net Written Premium ($)	1,733,682,657	1,746,195,478	1,930,826,621	2,172,421,927	2,534,652,614
Net Earned Premium ($)	1,671,167,121	1,695,804,243	1,852,725,209	2,054,510,793	2,275,385,794
Net Claims incurred ($)	1,159,798,847	1,127,250,377	1,248,143,862	1,421,215,262	1,729,512,482
Loss Ratio (%)	69.40%	66.47%	67.37%	69.2%	76%

Marine Hull and Cargo 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 149,260,057 141,043,683 148,689,402 166,066,479 177,635,614

Net Written Premium ($) 105,442,173 99,481,085 106,642,233 119,369,866 133,276,078

Net Earned Premium ($) 100,220,644 101,256,982 105,031,312 117,319,917 124,169,271

Net Claims incurred ($) 59,094,111 52,427,167 53,609,321 72,508,791 70,738,972

Loss Ratio (%) 58.96% 51.78% 51.04% 61.8% 57%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	149,260,057	141,043,683	148,689,402	166,066,479	177,635,614
Net Written Premium ($)	105,442,173	99,481,085	106,642,233	119,369,866	133,276,078
Net Earned Premium ($)	100,220,644	101,256,982	105,031,312	117,319,917	124,169,271
Net Claims incurred ($)	59,094,111	52,427,167	53,609,321	72,508,791	70,738,972
Loss Ratio (%)	58.96%	51.78%	51.04%	61.8%	57%

Liability Professional & Defamation, Directors & Officers and Public Product & Other 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 614,601,225 653,980,971 712,469,984 767,757,162 829,796,385

Net Written Premium ($) 403,593,222 424,053,436 457,734,777 496,365,339 561,881,747

Net Earned Premium ($) 376,198,750 405,614,441 427,680,999 465,058,063 525,814,714

Net Claims incurred ($) 147,256,360 156,729,661 166,622,473 149,648,690 151,830,303

Loss Ratio (%) 39.14% 38.64% 38.96% 32.2% 28.9%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	614,601,225	653,980,971	712,469,984	767,757,162	829,796,385
Net Written Premium ($)	403,593,222	424,053,436	457,734,777	496,365,339	561,881,747
Net Earned Premium ($)	376,198,750	405,614,441	427,680,999	465,058,063	525,814,714
Net Claims incurred ($)	147,256,360	156,729,661	166,622,473	149,648,690	151,830,303
Loss Ratio (%)	39.14%	38.64%	38.96%	32.2%	28.9%

Earthquake Domestic, Commercial M.D., Business Interruption and Marine Cargo 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 712,986,291 747,900,757 809,555,442 927,824,358 1,060,737,620

Net Written Premium ($) 341,415,779 314,968,563 445,598,895 476,747,728 487,287,476

Net Earned Premium ($) 325,014,849 324,801,423 431,381,792 433,801,944 470,119,304

Net Claims incurred ($) -37,340,918 19,784,233 3,779,525 2,996,733 -8,402,695

Loss Ratio (%) -11.49% 6.09% 0.88% 0.7% -1.8%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	712,986,291	747,900,757	809,555,442	927,824,358	1,060,737,620
Net Written Premium ($)	341,415,779	314,968,563	445,598,895	476,747,728	487,287,476
Net Earned Premium ($)	325,014,849	324,801,423	431,381,792	433,801,944	470,119,304
Net Claims incurred ($)	-37,340,918	19,784,233	3,779,525	2,996,733	-8,402,695
Loss Ratio (%)	-11.49%	6.09%	0.88%	0.7%	-1.8%

Other Personal Accident, Travel, Livestock and Other 12 months to September

Year-End 2019 2020 2021 2022 2023

Gross Written Premium ($) 309,574,775 193,498,928 151,391,103 195,630,956 327,358,755

Net Written Premium ($) 237,615,483 107,641,802 112,021,002 203,213,832 250,104,021

Net Earned Premium ($) 232,964,903 155,396,449 122,847,835 194,920,111 224,398,422

Net Claims incurred ($) 122,868,088 90,596,079 70,203,007 49,420,125 80,450,996

Loss Ratio (%) 52.74% 58.30% 57.15% 25.4% 35.9%

Year-End	2019	2020	2021	2022	2023
Gross Written Premium ($)	309,574,775	193,498,928	151,391,103	195,630,956	327,358,755
Net Written Premium ($)	237,615,483	107,641,802	112,021,002	203,213,832	250,104,021
Net Earned Premium ($)	232,964,903	155,396,449	122,847,835	194,920,111	224,398,422
Net Claims incurred ($)	122,868,088	90,596,079	70,203,007	49,420,125	80,450,996
Loss Ratio (%)	52.74%	58.30%	57.15%	25.4%	35.9%

Gross Written Premiums of Business Classes 12 months to September

Year-End 2019 2020 2021 2022 2023

Commercial ($) 923,276,042 980,162,446 1,091,272,829 1,201,708,026 1,415,747,726

Domestic ($) 1,864,492,475 1,903,035,722 2,008,454,899 2,220,942,133 2,589,484,653

Motor ($) 2,246,287,211 2,282,963,155 2,468,199,988 2,709,769,688 3,101,925,732

Marine ($) 149,260,057 141,043,683 148,689,402 166,066,479 177,635,614

Liability ($) 614,601,225 653,980,971 712,469,984 767,757,162 829,796,385

Earthquake ($) 712,986,291 747,900,757 809,555,442 927,824,358 1,060,737,620

Other ($) 309,574,775 193,498,928 151,391,103 195,630,956 327,358,755

Total ($) 6,820,478,076 6,902,585,662 7,390,033,647 8,189,698,802 9,502,686,485

Year-End	2019	2020	2021	2022	2023
Commercial ($)	923,276,042	980,162,446	1,091,272,829	1,201,708,026	1,415,747,726
Domestic ($)	1,864,492,475	1,903,035,722	2,008,454,899	2,220,942,133	2,589,484,653
Motor ($)	2,246,287,211	2,282,963,155	2,468,199,988	2,709,769,688	3,101,925,732
Marine ($)	149,260,057	141,043,683	148,689,402	166,066,479	177,635,614
Liability ($)	614,601,225	653,980,971	712,469,984	767,757,162	829,796,385
Earthquake ($)	712,986,291	747,900,757	809,555,442	927,824,358	1,060,737,620
Other ($)	309,574,775	193,498,928	151,391,103	195,630,956	327,358,755
Total ($)	6,820,478,076	6,902,585,662	7,390,033,647	8,189,698,802	9,502,686,485

Gross Written Premiums of Business Classes 12 months to September (%)

2019 2020 2021 2022 2023

Commercial 13.5% 14.2% 14.8% 14.7% 14.9%

Domestic 27.3% 27.6% 27.2% 27.1% 27.3%

Motor 32.9% 33.1% 33.4% 33.1% 32.6%

Marine 2.2% 2.0% 2.0% 2.0% 1.9%

Liability 9.0% 9.5% 9.6% 9.4% 8.7%

Earthquake 10.5% 10.8% 11.0% 11.3% 11.2%

Other 4.5% 2.8% 2.0% 2.4% 2.3%

Total 100.0% 100.0% 100.0% 100.0% 100.0%

	2019	2020	2021	2022	2023
Commercial	13.5%	14.2%	14.8%	14.7%	14.9%
Domestic	27.3%	27.6%	27.2%	27.1%	27.3%
Motor	32.9%	33.1%	33.4%	33.1%	32.6%
Marine	2.2%	2.0%	2.0%	2.0%	1.9%
Liability	9.0%	9.5%	9.6%	9.4%	8.7%
Earthquake	10.5%	10.8%	11.0%	11.3%	11.2%
Other	4.5%	2.8%	2.0%	2.4%	2.3%
Total	100.0%	100.0%	100.0%	100.0%	100.0%

Premiums

Gross written premium is calculated as the actual premium less all premium refunds and rebates. Premiums are recorded gross (ie no deduction for commissions and brokerage incurred in writing the income). Inclusions:

inward treaty and facultative reinsurance
all policy administration fees related to instalment billing and any other policy charges related to the writing and/or renewal of the policy.

Exclusions:

GST, FSL, and Toka Tū Ake EQC charges.

Gross earned premium is gross written premium plus unearned gross premium at the beginning of the quarter less unearned gross premium at the end of the quarter.

Net written premium is gross written premium less outward treaty and facultative reinsurance premium.

Net earned premium is net written premium plus unearned net premium at the beginning of the quarter less unearned net premium at the end of the quarter.

Class of Business

Total includes the total for All Commercial Lines and All Personal Lines

All Commercial Lines includes Commercial Business Interruption, Commercial Material Damage, Commercial Motor, Earthquake: Business Interruption, Earthquake: Commercial Material Damage, Earthquake: Marine Cargo, Liability: Total, Livestock, Marine Cargo, Marine Hull: Commercial, and Other Business.

All Personal Lines includes Domestic Buildings and Contents, Earthquake: Domestic, Marine Hull: Private, Personal Accident, Travel and Private Motor.

Commercial Business Interruption excludes Company Earthquake.

Commercial Material Damage includes Fire, Material Damage, Industrial/Commercial Special Risks, Contractors’ All Risks, Rural Risks (other than rural dwellings and their contents) and Office Policy, but excludes Company Earthquake.

Commercial Motor

Domestic Buildings and Domestic Contents includes rural dwellings but exclude earthquake.

Earthquake: Other includes all Earthquake business not included elsewhere.

Earthquake: Total includes Earthquake: Business Interruption, Earthquake: Commercial MD, Earthquake: Domestic and Earthquake: Other.

As far as possible all premiums relating to earthquake cover and all claims arising from earthquakes are to be recorded under one of the Earthquake categories.

Liability: Total includes all liability lines of business (Directors & Officers; Professional & Defamation; Public& Product; Statutory & Employer; Fidelity; Employment Practice; Bailee and Other)

Livestock excludes Bloodstock (see Other Business).

Marine Cargo excludes Company Earthquake.

Marine Hull: Total both Marine Hull lines of business (Commercial; Private).

Other Business includes Consumer Credit, Commercial/Trade Export Credit, Bonds, Mortgage Guarantee, Bloodstock, Computers, Engineering and all other business not included elsewhere.

Personal Accident

Personal Motor

Travel: Total includes all travel business.

Claims

Total number of claims is the total number of claims reported during the quarter.

Gross claims incurred include :

gross claims paid plus outstanding and IBNR claims at end of quarter less outstanding and IBNR claims at beginning of quarter;
all third party costs incurred in connection with claims (eg legal fees, assessors fees, claims adjustors fees etc);
indirect claims handling costs (ie internal costs incurred in processing and settling claims);
recoveries received and owing from third parties on all claims incurred.

Net claims incurred are gross incurred claims less all reinsurance claim recoveries related to those gross incurred claims.

Expenses

Staff costs

Include all payments and accruals for salaries for full-time equivalent staff, including contractors, and costs of all staff benefits and FBT. (Full-time equivalent staff = staff engaged for thirty hours or more per week).

Other costs; Include all other expenses charged against the New Zealand operation. Do not include staff costs, indirect claims handling costs and internal legal and assessors costs etc, as these are included in staff costs and claims incurred (discussed above). Internal claims settlement costs (transferred) include only the amount attributed to the claim.

Internal claims settlement costs

Shown as a credit the total amount of indirect claims handling costs incurred that have been transferred to the cost of claims above. This includes the proportion of staff and other costs related to indirect claims handling costs that under FRS 35 are included in the claims figures above.

Commissions

Net commissions and brokerage incurred (ie gross commissions/brokerage incurred in acquiring business less commissions recovered from treaty and facultative reinsurance arrangements.)

Note:

All definitions follow the FRS 35 definitions.
Accident Insurance Business (ie Workers Compensation) is NOT included in the data for this report.

Formula

Frequency per $1000 premium	Total Number of Claims Gross written Premium / 1000
Gross average claim size	Gross claims incurred Total number of claims
Gross loss ratio	Gross claims incurred Gross earned premium
Net average claim size	Gross earned premium Net claims incurred
Net loss ratio	Net claims incurred Net earned premium
Expense ratio	Total management costs Total net earned premium
Combined ratio	Total net claims incurred + Total management costs Total net earned premium
(where total management costs = staff costs + other costs + internal claims settlement costs + commission/brokerage costs)
Proportion of business retained	Net written premium Gross written premium
Proportion of claims cost recovered	1 – Net claims incurred Gross claims incurred
Frequency
Quarterly	equals includes total figures for the entire quarter
Yearly	equals includes total figures for the entire year or rolling twelve month figures, except where the full year’s data is incomplete. Then figures are estimated, where Yearly equals (Q1+Q2+Q3+Q4)/n*4, where n is the number of quarters for which a company submitted data.

Natural disaster data

Data on the cost of severe weather events and other natural disasters can be found under Natural disasters or by clicking here.

Industry Leadership

Media & Resources

Natural Disasters

Understanding Insurance

Insurance Types

Fair Insurance Code