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Market Data

Raraunga Tauhokohoko

All Business 12 months to September

Year-End20172018201920202021
Gross Written Premium ($)5,727,157,9996,320,894,5816,820,298,4606,897,756,6287,385,627,542
Net Written Premium ($)3,975,655,1494,273,100,6234,600,036,8974,517,330,8394,930,964,108
Net Earned Premium ($)3,784,224,3404,049,633,9664,410,796,8014,480,726,8534,750,289,227
Net Claims Incurred ($)2,710,849,4272,412,636,9822,300,034,4102,517,421,2782,888,172,045
Loss Ratio (%)71.64%59.58%52.15%56.18%60.80%
Business Costs (Staff etc) ($)1,236,198,7911,242,779,9431,325,061,0781,296,538,3481,306,087,245
Combined Ratio (%)104.30%90.27%82.19%85.13%88.29%

Commercial Material Damage and Business Interruption 12 months to September

Year-End20172018201920202021
Gross Written Premium ($)720,886,662821,348,477923,276,042979,281,8141,093,272,307
Net Written Premium ($)375,638,036439,060,052504,556,262527,352,347547,661,350
Net Earned Premium ($)365,001,083392,999,915456,514,539503,479,159514,750,489
Net Claims Incurred ($)266,340,393279,983,629239,015,033347,961,111420,360,052
Loss Ratio (%)72.97%71.24%52.36%69.11%81.67%

Domestic Buildings and Contents 12 months to September

Year-End2017201820192020 2021
Gross Written Premium ($)1,653,980,5841,785,251,4111,864,492,4751,902,866,076 2,009,771,452
Net Written Premium ($)1,248,972,0051,254,418,4891,273,910,9391,301,841,590 1,334,832,688
Net Earned Premium ($)1,201,103,1631,208,555,4781,248,907,4891,289,000,443 1,291,350,230
Net Claims Incurred ($)716,800,290703,854,646609,379,099716,797,927 916,353,639
Loss Ratio (%)59.68%58.24%48.79%55.61% 70.96%

Motor Commercial and Private 12 months to September

Year-End20172018201920202021
Gross Written Premium ($)1,833,142,1842,089,081,4492,246,287,2112,282,750,0432,464,961,938
Net Written Premium ($)1,568,885,9931,664,815,3821,733,682,6571,746,002,4461,928,584,915
Net Earned Premium ($)1,475,665,8891,564,914,7471,671,167,1211,697,379,4531,851,677,161
Net Claims Incurred ($)1,132,804,2181,139,574,0761,159,798,8471,129,207,3641,247,400,746
Loss Ratio (%)76.77%72.82%69.40%66.53%67.36%

Marine Hull and Cargo 12 months to September

Year-End20172018201920202021
Gross Written Premium ($)134,650,106136,255,756149,260,058140,643,151149,128,944
Net Written Premium ($)101,443,97797,977,744105,442,17499,192,228107,062,958
Net Earned Premium ($)99,540,45898,062,171376,198,764101,335,825107,321,054
Claims Incurred ($)59,343,18762,979,37659,094,11353,045,02358,602,666
Loss Ratio (%)59.62%64.22%58.96%52.35%54.60%

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


Year-End20172018201920202021
Gross Written Premium ($)521,877,213553,667,536614,601,218655,129,901712,122,039
Net Written Premium ($)358,875,086366,211,203403,593,216424,016,168457,188,377
Net Earned Premium ($)343,539,963356,371,538376,198,764405,724,360428,155,685
Net Claims Incurred ($)100,322,242114,795,055147,256,363156,504,156167,186,378
Loss Ratio (%)29.20.%32.21%39.14%38.57%39.05%



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

Year-End 20172018201920202021
Gross Written Premium ($) 554,701,233621,395,116712,986,291747,048,043809,503,332
Net Written Premium ($) 177,202,600287,214,134341,415,779314,945,636445,297,394
Net Earned Premium ($) 157,686,791275,669,622325,014,849325,131,607431,178,293
Net Claims Incurred ($) 363,309,15840,281,584-37,340,91818,517,51310,479,716
Loss Ratio (%) 230.40%14.61%-11.49%5.70%2.43%

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

Year-End20172018201920202021
Gross Written Premium ($)307,920,017313,894,836309,395,165190,037,600146,867,536
Net Written Premium ($)144,637,452163,403,619237,435,870103,980,424110,336,428
Net Earned Premium ($)141,686,993153,060,495232,773,395158,676,006125,856,316
Net Claims Incurred ($)71,929,93971,168,616122,831,87395,388,18467,788,824
Loss Ratio (%)50.77%46.50%52.77%60.12%53.86%

Gross Written Premiums of Business Classes 12 months to September

Year-End2017 2018201920202021
Commercial ($)720,886,662 821,348,477923,276,042979,281,8141,093,272,307
Domestic ($)1,653,980,584 1,785,251,4111,864,492,4751,902,866,0762,009,771,452
Motor ($)1,833,142,184 2,089,081,4492,246,287,2112,282,750,0432,464,961,938
Marine ($)134,650,106 136,255,756149,260,058140,643,151149,128,944
Liability ($)521,877,213 553,667,536614,601,218655,129,901712,122,039
Earthquake ($)554,701,233 621,395,116712,986,291747,048,043809,503,332
Other ($)307,920,017 313,894,836309,395,165190,037,600146,867,536
Total ($)5,727,157,999 6,320,894,5816,820,298,4606,897,756,6287,385,627,548

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 premiumTotal Number of Claims
Gross written Premium / 1000
Gross average claim sizeGross claims incurred
Total number of claims
Gross loss ratioGross claims incurred
Gross earned premium
Net average claim sizeGross earned premium
Net claims incurred
Net loss ratioNet claims incurred
Net earned premium
Expense ratioTotal management costs
Total net earned premium
Combined ratioTotal 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 retainedNet written premium
Gross written premium
Proportion of claims cost recovered1 – Net claims incurred
Gross claims incurred
Frequency 
Quarterlyequals includes total figures for the entire quarter
Yearlyequals 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.

 
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