Overview

Safe as houses: Demand from general insurance has supported industry revenue growth

IBISWorld’s Insurance Brokerage in New Zealand market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

REPORT SNAPSHOT

Industry Analysis & Industry Trends

Revenue for the Insurance Brokerage industry has grown over the past five years, despite declining in some years. Over the five years through 2017-18, industry revenue is expected to rise at an annualised 2.6%. Demand from general insurance has supported industry revenue growth over this period. However, this has been constrained by slower demand from life insurance. Despite being a smaller product segment compared with general insurance, life insurance policies have a significant effect on industry revenue given the large up-front and trail commissions generated by insurance brokers. Strong demand from general insurance over the current year is expected to contribute to forecast growth of 4.8%, with revenue reaching $2.2 billion in 2017-18...

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Industry Report - Industry Key Buyers Chapter

The Insurance Brokerage industry in New Zealand has high market share concentration, with the largest four networks accounting for over 70% of the industry in terms of gross written premiums placed. Despite a large number of small firms operating in the industry, many join networks to benefit from their existing business infrastructure. This characteristic contributes significantly to the industry’s high market share concentration.

Market share concentration has increased over the past five years, as large networks have included smaller firms into their operations. For example, AUB Group purchased BrokerWeb Management and a 50.0% stake in BrokerWeb Risk Services in 2015, building on existing New Zealand operations. Wit..

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Additional Insights for the Insurance Brokerage Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokerage Industry are

  • Having a good reputation
  • Having a loyal customer base
  • Access to niche markets
  • IBISWorld analysts also discuss how external factors such as Number of businesses and Number of households in the Insurance Brokerage industry impact industry performance..

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    New Zealand Special Report

    Industry Products

    What is the Insurance Brokerage in New Zealand Industry?

    Industry operators are primarily insurance brokers or agents selling insurance policies. Companies in the industry may also provide other insurance services, such as insurance consulting, claims assessment and adjustment.

    Industry Products
    Life Insurance
    Health Insurance
    Commercial general products
    Private general products
    Other products and services
    Industry Activities
    Actuarial services
    Claim adjustment and assessment
    Operating insurance agencies
    Insurance broking
    Insurance consulting

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Number of businesses
  • Number of households
  • Natural disasters
  • Number of motor vehicles

  • Current Performance
  • Profitability
  • Operating landscape
  • Financial advice review
  • Chart: Revenue Growth

  • Industry Outlook
  • Profitability
  • Operating landscape
  • Proposed reforms
  • Table: Insurance Brokerage Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokerage Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Life Insurance in New Zealand
  • General Insurance in New Zealand
  • Consumers in New Zealand

  • Key Selling Industries
  • Accounting Services in New Zealand
  • General Insurance in New Zealand

  • Products & Services
  • Commercial general products
  • Life Insurance
  • Private general products
  • Other products and services
  • Health Insurance
  • Chart: Insurance Brokerage Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Commercial clients
  • Retail clients
  • Chart: Major Market Segmentation for the Insurance Brokerage Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Selling, general and administrative costs
  • Wages
  • Depreciation
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Insurance Brokerage

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokerage Industry

  • Industry Globalization
    Major Companies
    Aon New Zealand GroupCrombie Lockwood (NZ) LimitedAUB Group NZ LimitedSteadfast NZ Holdings Limited
  • Table: Aon New Zealand Group - financial performance
  • Table: Crombie Lockwood (NZ) Limited - financial performance
  • Table: AUB Group NZ Limited - financial performance
  • Table: Steadfast NZ Holdings Limited - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokerage Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Insurance Brokerage Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Bancassurance
  • The selling of life and other insurance products by banks.
  • Distribution Network
  • A group of individual brokers forming partnerships and joining networks to share resources, while acting independently.
  • Trail Commission
  • An annual fee paid by either the issuer (insurer) of the policy or the policyholder to the insurance broker for each year the policy is held.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Insurance Brokerage in New Zealand:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Insurance Brokerage in New Zealand market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Insurance Brokerage in New Zealand, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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