Insurance Brokerage in New Zealand - Industry Market Research Report

Got it covered: Rising demand from general insurance will drive industry revenue growth

The Insurance Brokerage industry's revenue has grown over the past five years. Demand from general insurance has supported revenue growth over the period, but falling demand from life insurance has limited this growth. Despite being a smaller product segment compared with general insurance, life insurance policies significantly affect industry revenue, as insurance brokers generate large up-front and trail commissions. Moreover, the number of businesses has fallen following the COVID-19 outbreak, reducing overall demand from commercial clients. Industry revenue is expected to decline at an annualised 2.3% over the five years through 2022-23, to $2.7 billion. This trend includes a decline of 1.1% in the current year.

Industry operators are primarily insurance brokers or agents selling insurance policies. Companies in the industry can also provide other insurance services, such as insurance consulting, claims assessment and adjustment.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.