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New Zealand insurance market update 2023: Year in review

Marsh is pleased to present our latest insurance market update for New Zealand insurance buyers and organisations with New Zealand operations or risk exposures.  The report shares insights on the local market, including outlook, coverage trends, insurer appetite, market influences and pricing movements across 12 insurance classes:

  • Property insurance
  • Liability insurance 
  • Professional indemnity insurance
  • Crime insurance
  • Cyber insurance
  • Directors and officers' liability (D&O) insurance
  • Construction insurance
  • Marine cargo insurance
  • Environmental liability insurance 
  • Group life and disability insurance
  • Health insurance
  • Accident Compensation Corporation (ACC)

Key themes from 2023 included the impact of natural catastrophes, inflationary pressure, reinsurance capacity and the importance of sound risk management for insurance buyers.

At a glance

Challenging conditions have persisted into 2024 for the New Zealand property insurance market, although there are signs of improvement as we progress further into the year, barring unforeseen changes in conditions. A key driver of the local market is the impact of two significant weather events in early 2023, with insured losses estimated to total $3.5 billion. 

In the liability insurance space, which includes D&O and cyber insurance, market outlook is generally more positive as 2023 displayed increased stability and rate reductions for well-managed risks. 

Construction insurance market conditions remain challenging and rate increases are likely to continue in 2024 as a result of continued claims pressure. 

After a challenging 2023 for the marine insurance market, the start of this year has shown signs of improvement as London-based insurers’ growth strategies are expected to drive market competition. 

The group life insurance market continues to face challenges around the sustainability of pricing for long-term disability cover, with stress and mental health claims on the rise. 

Notwithstanding the challenges experienced in certain segments of the insurance market, 2023 was a standout year for Lloyds’ of London in respect of underwriting results, which we expect to have a positive impact on the local New Zealand insurance market.

For a detailed premium analysis, more trends and insights on the state of market in New Zealand, please download our full report.

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the ‘Marsh Analysis’) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh’s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Copyright © 2024 Marsh Limited. All rights reserved. 

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