Latest News

News release: Insurers welcome establishment of Christchurch Central Development Unit

The Insurance Council says it welcomes today’s announcement by the Earthquake Minister, Hon Gerry Brownlee, that a Christchurch Central Development Unit focussing on the rebuilding of the Christchurch Central Business District (CBD) is to be established.
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Publication: ICNZ Annual Review 2011-2012

TThe past 18 months have been the most challenging period in the history of the NZ insurance industry...
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News release: Christchurch insurance rebuilds $NZ10 billion and rising

The Insurance Council is warning that the continued aftershocks in Christchurch could have long term effects on the insurability of New Zealand.
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News release: EQC and insurers seeking clarity on insurance payments

The Earthquake Commission (EQC) and the Insurance Council have agreed to ask the High Court to make a ruling on complex questions of coverage arising from the two major Canterbury earthquakes and their aftershocks
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Canterbury earthquake

The largest single insurance event in the history of New Zealand
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New Fair Insurance code

The obligations for both you and your insurer.
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Industry statistics

All Business 12 months to September

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	3,011,273,374	3,099,077,385	3,260,456,648	3,416,891,966	3,604,101,963
Net Written Premium ($)	2,564,171,240	2,657,163,693	2,807,667,691	2,911,449,528	3,119,058,942
Net Earned Premium ($)	2,543,899,069	2,608,081,917	2,747,509,546	2,857,200,899	3,073,050,146
Claims Incurred ($)	1,609,672,399	1,736,503,436	1,880,923,174	1,845,390,159	2,096,548,674
Loss Ratio (%)	63.28 %	66.58%	68.46%	64.59%	68.22%
Business Costs (Staff etc) ($)	762,889,565	825,984,278	897,685,308	941,101,455	996,683,386
Combined Ratio (%)	93.26 %	98.25%	101.13%	97.53%	100.66%

Commercial Material Damage and Business Interruption 12 months to September

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	434,899,307	424,814,574	441,340,110	464,184,727	469,043,879
Net Written Premium ($)	250,377,553	248,966,425	277,244,142	283,055,759	297,579,539
Net Earned Premium ($)	259,798,435	249,854,108	270,404,011	275,462,767	291,158,018
Claims Incurred ($)	147,371,640	175,041,037	185,283,249	167,431,550	172,180,899
Loss Ratio (%)	56.73%	70.06%	68.52%	60.78%	59.14%

Domestic Buildings and Contents 12 months to September

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	650,460,420	703,171,694	766,231,827	840,054,112	933,495,375
Net Written Premium ($)	613,482,598	662,679,754	714,632,555	778,957,391	866,335,821
Net Earned Premium ($)	599,295,472	640,728,100	687,754,814	755,435,740	839,897,275
Claims Incurred ($)	477,339,229	535,037,934	566,260,572	541,263,823	525,356,791
Loss Ratio (%)	79.65%	83.50%	82.33%	71.65%	62.55%

Motor Commercial and Private 12 months to September

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	1,089,367,152	1,108,091,872	1,159,380,800	1,210,153,486	1,266,098,899
Net Written Premium ($)	1,057,591,852	1,080,683,184	1,128,103,360	1,185,128,372	1,253,440,464
Net Earned Premium ($)	1,061,862,826	1,077,998,789	1,104,655,954	1,157,985,830	1,233,098,039
Claims Incurred ($)	739,416,181	770,080,686	813,957,780	811,497,477	791,265,591
Loss Ratio (%)	69.63%	71.44%	73.68%	70.08%	64.17%

Marine Hull and Cargo 12 months to September

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	105,606,534	107,516,864	113,768,514	126,435,782	119,594,972
Net Written Premium ($)	79,456,492	79,129,286	94,679,961	108,294,198	97,666,992
Net Earned Premium ($)	76,251,616	77,735,860	90,657,762	104,816,033	99,658,692
Claims Incurred ($)	50,073,714	51,332,230	61,080,313	61,083,237	58,600,332
Loss Ratio (%)	65.67%	66.03%	67.37%	58.28%	58.80%

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

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	246,227,459	252,485,737	267,149,616	279,800,946	298,229,655
Net Written Premium ($)	209,527,470	219,954,010	234,968,804	242,850,562	255,992,543
Net Earned Premium ($)	208,852,711	212,870,263	236,853,174	238,435,422	250,185,778
Claims Incurred ($)	79,736,304	70,552,528	91,666,012	114,598,447	163,998,021
Loss Ratio (%)	38.18%	33.14%	38.70%	48.06%	65.55%

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

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	209,800,798	212,597,837	206,530,977	212,963,164	220,172,442
Net Written Premium ($)	116,064,812	114,429,759	95,928,127	112,741,108	116,710,783
Net Earned Premium ($)	112,504,953	111,343,908	100,074,065	109,982,325	115,211,252
Claims Incurred ($)	1,347,519	2,006,587	16,736,697	6,033,131	242,689,944
Loss Ratio (%)	1.19 %	1.80%	16.72%	5.49%	210.65%

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

Year-End	2006	2007	2008	2009	2010
Gross Written Premium ($)	274,911,704	290,398,807	306,054,804	283,299,749	297,466,741
Net Written Premium ($)	237,670,464	251,321,275	262,110,742	200,422,138	231,332,796
Net Earned Premium ($)	225,333,056	237,550,889	257,109,766	215,082,782	243,841,103
Claims Incurred ($)	114,387,824	132,452,434	145,938,551	143,482,494	142,457,105
Loss Ratio (%)	50.76%	55.76%	56.76%	66.71%	58.42%

Gross Written Premiums of Business Classes 12 months to September

Year-End	2006	2007	2008	2009	2010
Commercial ($)	434,899,307	424,814,574	441,340,110	464,184,727	469,043,879
Domestic ($)	650,460,420	703,171,694	766,231,827	840,054,112	933,495,375
Motor ($)	1,089,367,152	1,108,091,872	1,159,380,800	1,210,153,486	1,266,098,899
Marine ($)	105,606,534	107,516,864	113,768,514	126,435,782	119,594,972
Liability ($)	246,227,459	252,485,737	267,149,616	279,800,946	298,229,655
Earthquake ($)	209,800,798	212,597,837	206,530,977	212,963,164	220,172,442
Other ($)	274,911,704	290,398,807	306,054,804	283,299,749	297,466,741
Total ($)	3,011,273,374	3,099,077,385	3,260,456,648	3,416,891,966	3,604,101,963

 

Gross Written Premiums of Business Classes by Percentage 12 months to September

 

Growth in Gross Written Premiums over 10 Years 12 months to September

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