To monitor the insurance industry’s growth, insurance statistics provides 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 to modify insurance policies so insurance policies are affordable to all. This is one example of the significant role that insurance statistics play.
Insurance statistics are provided to insurer members in New Zealand by Insurance Statistics Australia Limited. The information can only be accessed by members.
How It Works
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 of 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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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.