The New Zealand insurance industry paid out $4.2 billion in general claims in 2022, with motor vehicle claims rising by 4.2 percent. This overview details the market's $6.47 billion in premiums and its 82 licensed insurers.
Key Takeaways
- General insurance claims ratio was 68.4% in 2022
- In 2022, the New Zealand general insurance market gross written premiums totalled NZ$6.47 billion, up 5.2% from 2021
- Total active general insurance policies in NZ numbered 8.2 million in 2022
- General insurance net premiums earned were NZ$5.8 billion in 2022
- NZ insurers' average solvency ratio was 180% in 2022 under PSR regime
New Zealand’s insurance sector shows steady growth as more policies are written and claims continue to rise.
Related reading
01 · Category
Claims and Payouts28 stats
01
General insurance claims ratio was 68.4% in 2022
02
Total general insurance claims paid out NZ$4.2 billion in 2022
03
Natural disaster claims from Cyclone Gabrielle totalled NZ$1.8 billion in early 2023
04
Motor vehicle claims frequency rose 4.2% to 12.5% in 2022
05
Average home buildings claim size was NZ$28,500in 2022
06
Contents claims payouts totalled NZ$320 million in 2022, average claim NZ$4,200
07
Fire claims number 8,500 in 2022, total payout NZ$450 million
08
Earthquake claims residual from 2011 Canterbury totalled NZ$120 million in 2022
09
Health insurance claims ratio reached 82.3% in 2022
10
Life insurance claims paid NZ$1.05 billion in 2022
11
Income protection claims averaged NZ$2,800monthly payout in 2022
12
Trauma claims number 4,200 in 2022, average payout NZ$85,000
13
Terminal illness claims fast-tracked totalled NZ$45 million in 2022
14
Workers' comp claims (private) NZ$210 million paid in 2022
15
Public liability claims frequency 9.8% in 2022
16
Professional indemnity claims totalled NZ$180 million in 2022
17
Cyber claims payouts NZ$65 million in 2022, up 50% YoY
18
Flood claims from 2022 events NZ$950 million
19
Theft claims in motor insurance 15,200 cases, NZ$110 million paid 2022
20
Medical malpractice claims NZ$95 million in 2022
21
Product recall claims totalled NZ$42 million in 2022
22
Business interruption claims NZ$520 million post-COVID in 2022
23
Personal accident claims NZ$180 million paid in 2022
24
Travel insurance claims for COVID-related NZ$75 million in 2022
25
Farm property claims average NZ$45,000per event in 2022
26
Construction defect claims NZ$110 million in 2022
27
Marine cargo claims NZ$55 million in 2022
28
Aviation liability claims NZ$18 million in 2022
Interpretation
Claims and Payouts Interpretation
While Kiwis weathered a staggering $4.2 billion in general claims with admirable resilience—from $1.8 billion cyclone blows to rising fender-benders and expensive home repairs—the real story is a nation navigating a perilous tightrope, where cyberattacks and climate disasters are rapidly rewriting the actuarial playbook.
02 · Category
Market Size and Growth30 stats
01
In 2022, the New Zealand general insurance market gross written premiums totalled NZ$6.47 billion, up 5.2% from 2021
02
New Zealand's insurance industry penetration rate stood at 3.8% of GDP in 2022, below the OECD average of 8.1%
03
The total assets of New Zealand insurers reached NZ$128.5 billion as of December 2022: June 2026, reflecting a 7.1% year-on-year growth
04
Life insurance direct premiums written grew by 3.4% to NZ$4.1 billion in 2022, driven by investment-linked products
05
The number of licensed insurers in New Zealand increased to 82 in 2023 from 78 in 2022
06
New Zealand insurance industry's compound annual growth rate (CAGR) from 2018-2022 was 4.2% for total premiums
07
General insurance market share of property insurance was 28.4% of total GWP in 2022
08
Health insurance premiums totalled NZ$1.9 billion in 2022, with a 6.8% growth rate
09
Total reinsurance premiums ceded by NZ insurers amounted to NZ$1.2 billion in 2022
10
The insurance density per capita in NZ was NZ$1,856in 2022, up from NZ$1,780 in 2021
11
Motor vehicle insurance GWP reached NZ$1.45 billion in 2022, comprising 22.4% of general insurance
12
NZ compulsory third-party insurance market valued at NZ$850 million in 2022
13
Fire and peril insurance premiums grew 8.2% to NZ$1.1 billion in FY2022
14
Total insurance premiums as % of household disposable income was 2.9% in 2022
15
Cyber insurance GWP in NZ surged 45% to NZ$120 million in 2022
16
Pet insurance premiums reached NZ$45 million in 2022, with 12% annual growth
17
Travel insurance sales post-COVID recovered to NZ$320 million in 2022/23
18
Funeral insurance policies numbered 250,000 in 2022, premiums NZ$85 million
19
Disability income insurance claims ratio averaged 78% in 2022
20
Total managed funds in insurance-linked investments hit NZ$15 billion in 2022
21
Insurance brokers handled 65% of commercial insurance premiums in 2022
22
Direct channel sales grew to 28% of total general insurance premiums in 2022
23
Embedded insurance products generated NZ$250 million in premiums in 2022
24
Parametric insurance payouts totalled NZ$50 million for weather events in 2022
25
Insurtech startups in NZ numbered 25, raising NZ$120 million in 2022
26
Group life insurance premiums were NZ$650 million in 2022
27
Standalone liability insurance GWP at NZ$420 million in 2022
28
Marine insurance premiums totalled NZ$180 million, down 2% YoY in 2022
29
Aerospace insurance market in NZ valued at NZ$35 million in 2022
30
Total insurance exports (reinsurance accepted) NZ$300 million in 2022
Interpretation
Market Size and Growth Interpretation
While Kiwis are diligently insuring their cars, homes, and even pets to the tune of billions, the industry's modest slice of GDP suggests they're still optimistically betting more on their own luck than on a formal policy.
03 · Category
Policyholder Statistics26 stats
01
Total active general insurance policies in NZ numbered 8.2 million in 2022
02
Home insurance policies totalled 1.95 million in 2022, penetration 75% of households
03
Motor insurance policies 3.1 million in 2022, 92% market penetration
04
Life insurance coverage reached 2.8 million policies in 2022
05
Health insurance policyholders numbered 1.42 million in 2022, 28% population coverage
06
Income protection policies 450,000 in 2022
07
Term life policies 1.2 million active in 2022
08
Small business insurance policies 180,000 in 2022
09
Commercial fleet motor policies 25,000 in 2022
10
Cyber insurance policies grew to 12,500 in 2022
11
Pet insurance policies 320,000 in 2022, up 18%
12
Travel insurance policies sold 1.1 million in 2022/23
13
Farmers with insurance coverage 95% of 52,000 farms in 2022
14
Professional indemnity policies 95,000 for SMEs in 2022
15
Directors & officers policies 28,000 companies in 2022
16
Group health schemes covered 650,000 employees in 2022
17
Funeral insurance policies 250,000 held by individuals over 50 in 2022
18
Standalone liability policies 45,000 for community groups in 2022
19
Parametric weather policies 5,200 active in 2022
20
Key person policies 8,500 SMEs in 2022
21
Marine hull policies 2,800 vessels in 2022
22
Aviation policies 1,200 aircraft in 2022
23
Construction project policies 4,500 sites in 2022
24
Product liability policies 12,000 manufacturers in 2022
25
Event insurance policies 15,000 events in 2022
26
Overseas student health policies 180,000 in 2022
Interpretation
Policyholder Statistics Interpretation
New Zealanders, in a characteristically practical yet slightly anxious display, have woven a remarkably detailed safety net that proves we are collectively insuring against everything from forgetting to water the ferns to an asteroid strike on the shearing shed.
More related reading
05 · Category
Regulatory and Financial Metrics23 stats
01
NZ insurers' average solvency ratio was 180% in 2022 under PSR regime
02
Total regulatory capital held by general insurers NZ$4.8 billion in 2022
03
Life insurers' prescribed capital amount coverage averaged 215% in 2022
04
Insurance levies collected for EQC totalled NZ$650 million in FY2022
05
FMA-conducted insurance supervision cost NZ$12.5 million in 2022/23
06
Number of insurance conduct breaches reported 145 in 2022
07
Fair Conduct Programme compliance rate 92% for top 10 insurers in 2022
08
Insurance ombudsman cases resolved 5,200 in 2022, 85% in consumer favour
09
Code Committee insurance complaints 1,850 upheld in 2022
10
Cyber resilience standards adopted by 75% of insurers by 2022
11
Climate risk disclosures mandated for insurers from 2023, 40% voluntary in 2022
12
AML/CFT compliance fines on insurers totalled NZ$2.1 million in 2022
13
Insurer investment in NZ bonds 35% of total assets in 2022
14
Profit after tax for general insurers NZ$620 million in 2022, ROE 12.4%
15
Expense ratio for general insurance averaged 28.5% in 2022
16
Reinsurance recovery ratio 92% for catastrophe claims in 2022
17
Investment yield on insurer assets 3.2% in 2022
18
Combined operating ratio for general insurance 92.1% in 2022
19
Liquidity coverage ratio average 250% for life insurers in 2022
20
Number of insurer mergers/acquisitions 5 in 2022
21
Insurtech regulatory sandbox participants 8 in 2022
22
Consumer protection levy allocation to insurance NZ$4.2 million in 2022/23
23
Solvency margin breaches zero for licensed insurers in 2022
Interpretation
Regulatory and Financial Metrics Interpretation
Despite boasting fortress-like balance sheets and regulators who watch them like hawks, New Zealand's insurers still manage to annoy enough customers to keep the ombudsman very busy, proving that financial solidity doesn't always equal seamless service.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Thomas Lindqvist. (2026, February 13). New Zealand Insurance Industry Statistics. Gitnux. https://gitnux.org/new-zealand-insurance-industry-statistics
MLA
Thomas Lindqvist. "New Zealand Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/new-zealand-insurance-industry-statistics.
Chicago
Thomas Lindqvist. 2026. "New Zealand Insurance Industry Statistics." Gitnux. https://gitnux.org/new-zealand-insurance-industry-statistics.
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