, Australia
Photo from Unsplash by Tierra Mallorca

AU, NZ insurance pricing flat in Q2

New Zealand’s property insurance pricing slightly rose due to natural catastrophes. 

Overall insurance pricing across all markets in the Australia and New Zealand remains stable, with a slight increase in New Zealand’s property insurance, according to Global Market Insights.

Whilst some products experienced flat-to-modest increases, overall insurance costs increased due to changes in the property market which dominated the New Zealand insurance market.

Insurance capacity was deemed sufficient but remained constrained in natural catastrophe exposed locations, impacting insurer risk appetite in key areas, Global Markets Insights said.

The growing trend of introducing London market capacity on larger programmes has increased competitive tension in pricing negotiations.

In Australia, inflationary pressure drove modest price increases for Auto and Liability, whilst Directors and Officers and Cyber experienced favorable pricing conditions due to increased competition. 

Property pricing softened in the latter part of the quarter, although non-targeted business continued to experience upward rate pressure.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.