|Gross Written Premium ($)||5,260,803,452||5,345,220,23||5,727,157,999||6,320,894,581||6,820,298,460|
|Net Written Premium ($)||3,880,463,935||3,425,022,923||3,975,655,149||4,273,100,623||4,600,036,897|
|Net Earned Premium ($)||3,895,768,305||3,366,482,641||3,784,224,340||4,049,633,966||4,410,796,801|
|Net Claims Incurred ($)||2,546,016,620||1,968,592,517||2,710,849,427||2,412,636,982||2,300,034,410|
|Loss Ratio (%)||65.35%||58.48%||71.64%||59.58%||52.15%|
|Business Costs (Staff etc) ($)||1,367,165,689||1,186,539,400||1,236,198,791||1,242,779,943||1,325,061,078|
|Combined Ratio (%)||100.45%||93.72%||104.30%||90.27%||82.19%|
|Gross Written Premium ($)||687,192,670||680,630,993||720,886,662||821,348,477||923,276,042|
|Net Written Premium ($)||346,431,648||357,611,986||375,638,036||439,060,052||504,556,262|
|Net Earned Premium ($)||369,677,595||360,357,963||365,001,083||392,999,915||456,514,539|
|Net Claims Incurred ($)||208,771,487||243,994,226||266,340,393||279,983,629||239,015,033|
|Loss Ratio (%)||56.47%||67.71%||72.97%||71.24%||52.36%|
|Gross Written Premium ($)||1,522,053,535||1,560,818,092||1,653,980,584||1,785,251,411||1,864,492,475|
|Net Written Premium ($)||1,210,698,365||1,149,372,792||1,248,972,005||1,254,418,489||1,273,910,939|
|Net Earned Premium ($)||1,186,680,158||1,129,099,427||1,201,103,163||1,208,555,478||1,248,907,489|
|Net Claims Incurred ($)||634,005,780||624,059,237||716,800,290||703,854,646||609,379,099|
|Loss Ratio (%)||53.43%||55.27%||59.68%||58.24%||48.79%|
|Gross Written Premium ($)||1,564,349,422||1,644,119,117||1,833,142,184||2,089,081,449||2,246,287,211|
|Net Written Premium ($)||1,477,793,120||1,422,592,371||1,568,885,993||1,664,815,382||1,733,682,657|
|Net Earned Premium ($)||1,444,274,566||1,377,217,656||1,475,665,889||1,564,914,747||1,671,167,121|
|Net Claims Incurred ($)||1,003,957,760||1,023,576,910||1,132,804,218||1,139,574,076||1,159,798,847|
|Loss Ratio (%)||69.51%||74.32%||76.77%||72.82%||69.40%|
|Gross Written Premium ($)||137,394,192||126,516,762||134,650,106||136,255,756||149,260,058|
|Net Written Premium ($)||107,813,364||93,028,019||101,443,977||97,977,744||105,442,174|
|Net Earned Premium ($)||108,805,543||92,816,802||99,540,458||98,062,171||376,198,764|
|Claims Incurred ($)||54,977,363||62,428,514||59,343,187||62,979,376||59,094,113|
|Loss Ratio (%)||50.53%||67.26%||59.62%||64.22%||58.96%|
|Gross Written Premium ($)||468,311,462||481,262,837||521,877,213||553,667,536||614,601,218|
|Net Written Premium ($)||338,478,576||330,448,687||358,875,086||366,211,203||403,593,216|
|Net Earned Premium ($)||339,225,156||320,109,298||343,539,963||356,371,538||376,198,764|
|Net Claims Incurred ($)||78,081,999||112,861,384||100,322,242||114,795,055||147,256,363|
|Loss Ratio (%)||23.02%||35.26%||29.20.%||32.21%||39.14%|
|Gross Written Premium ($)||560,528,347||513,288,251||554,701,233||621,395,116||712,986,291|
|Net Written Premium ($)||226,368,484||-81,596,028||177,202,600||287,214,134||341,415,779|
|Net Earned Premium ($)||261,986,321||-73,258,527||157,686,791||275,669,622||325,014,849|
|Net Claims Incurred ($)||457,937,219||-204,420,440||363,309,158||40,281,584||-37,340,918|
|Loss Ratio (%)||174.79%||279.04%||230.40%||14.61%||-11.49%|
|Gross Written Premium ($)||320,973,824||338,584,183||307,920,017||313,894,836||309,395,165|
|Net Written Premium ($)||172,880,378||153,565,096||144,637,452||163,403,619||237,435,870|
|Net Earned Premium ($)||185,118,966||160,140,022||141,686,993||153,060,495||232,773,395|
|Net Claims Incurred ($)||108,285,012||106,092,686||71,929,939||71,168,616||122,831,873|
|Loss Ratio (%)||58.49%||66.25%||50.77%||46.50%||52.77%|
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.
- GST, FSL, and 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.
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.
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.
Travel: Total includes all travel business.
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.
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.
Net commissions and brokerage incurred (ie gross commissions/brokerage incurred in acquiring business less commissions recovered from treaty and facultative reinsurance arrangements.)
- All definitions follow the FRS 35 definitions.
- Accident Insurance Business (ie Workers Compensation) is NOT included in the data for this report.
|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
|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.|