Late last month we told you about the Reserve Bank of New Zealand (RBNZ) introducing new statistics on the insurance sector – and now it has made them available on its website.
The new statistics provide aggregated financial data provided by licensed insurers through the Quarterly Insurer Survey (QIS), and include financial performance and financial position aggregates for the insurance industry.
“The QIS covers 28 of 88 licensed insurers which accounts for just under 90% of assets and premiums of the insurance industry as a whole,” said RBNZ in a statement.
“The recent releases is part of a multi-year initiative towards providing comprehensive data on the New Zealand insurance sector. RBNZ will look into expanding the range of available statistics over time. For example, statistics reflecting all insurers, not just QIS respondents, and solvency statistics.”
For the purpose of data analytics, RBNZ breaks down the insurance industry into two sectors; non-life (general and health) and life insurance.
In February, RBNZ said it was publishing new insurance statistics because the insurance sector is an integral component of the financial service industry in New Zealand.
The Insurance (Prudential Supervision) Act is administered by the Reserve Bank, and applies to all insurers. To support this, RBNZ requires regular data returns from licensed insurers.
As part of the reporting regime, large insurers are providing financial and exposure data each quarter, with more detailed data reports required every six months or annually.
Quarterly reporting is required for insurers providing primary insurance in New Zealand and meeting at least one of these criteria: gross annual premium of $50 million at financial year end or total assets of $500 million at financial year end.
