KPMG insurer insights, and more daily news

KPMG has published a document that is based on insurer information ranging from market position, revenue, profit growth, capital strength, as well as profit and capital company. The document was prepared using publicly available data obtained from audited financial statements filed with the New Zealand Companies Office. There were several requirements applied to determine which insurer qualified to be included. These requirements are:

·       Currently registered as a licensed insurer in New Zealand on 31 December 2020;

·       Filed financial statements with the Companies Office; and

·        Described its main activities in the audited financial statements as either selling or reinsuring life insurance products. 

Those included were categorised into three groups:

·       Top 10 Direct;

·       Other Direct;

·       Reinsurers

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KPMG: Major forces shaping the Kiwi insurance industry

KPMG has highlighted the major forces they see shaping the insurance industry in their general insurance update. 

 “Disruption is the new normal,” says KPMG’s Steven Graham in KPMG’s General Insurance Update 2017, released today following his presentation at last week’s Insurance Council of New Zealand’s annual industry conference. 

The potential for a non-traditional provider, such as one of the technology giants, Amazon or Apple, to step into the market adds to a clear imperative for the industry to continually challenge itself and evolve.

Why wouldn't Amazon choose general insurance - nearly everyone has some - so its a great place to start. But they aren't starting here, because the market is tiny. They are starting in the UK.

The paper also looks at life events, bancassurance, cover that flexes better with changes in circumstances, plus virtual reality, digital labour, cybersecurity, and digital disruption.