New Zealand Insurance Statistics
The Importance of Industry Research and Statistics
[dropcap type=”simple”]T[/dropcap]o monitor the insurance industry’s growth, insurance statistics provide the information needed by the industry’s policy-making bodies. In 2008, the 
insurance industry of New Zealand forked over an estimated $42 million in claims resulting from the North Island Storms. If there were no insurance statistics collected, the job of the insurance underwriter would be much more difficult as he wouldn’t have factual figures or trends to help guide him.
The information is taken from in-depth insurance surveys, some of which can be conducted on insurance websites. Insurance statistics help insurance companies modify policies so they’re affordable to all. This is one example of the significant role that insurance statistics play.
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Insurance statistics are provided to insurer members in New Zealand by Insurance Statistics Australia Limited. The information can only be accessed by members.
How Insurance Statistics Work
A large number of insurance companies with branches worldwide are members of the Insurance and Savings Association (ISA). They are also paying members of Insurance Statistics Australia Limited. Members are direct insurers, medical indemnity insurers and mortgage insurers.
Each member appoints a coordinator to manage the circulation of statistical reports within the group. Requests by non-members for information must be approved on a case-by-case basis and are strictly screened. This includes any insurance statistics published online.
Before insurance companies can gain membership, they must provide data such as:
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- Number of policies and claims
- Sum insured on domestic policies
- Amount paid out from claims
- Annual premium totals
- Outstanding balance in claims
- Incurred cost of claims
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The data provided is used to determine:
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- Incurred cost of claims
- Total number of domestic polices
- Total number of domestic claims
- Average insurance premium
- Average sum insured
- Claim frequency
- Average size of insurance claim
- Cost per insurance policy
- Loss ratio
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