Aon NZ Insurance Market Insights H2 2024
Our H2 2024 NZ Insurance Market Insights summarises how the insurance market has developed across key products and market dynamics as of the end of the first half of 2024, key trends to watch, and includes tips for navigating today’s market - to ensure you are better advised, better informed and able to make better decisions to protect and grow your business.
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After five years of pricing pressure, insureds are now experiencing a positive shift in insurance market conditions.
Corrective measures implemented during past renewals have generally led to a more moderate market environment. Overall, market conditions continue to stabilise, providing welcome relief to buyers, though some areas of the market remain challenging and unforeseen future events could impact this trend.
The market has shown continued resilience throughout the first half of 2024, despite ongoing economic uncertainty, geopolitical instability, large-scale global climate-related bevents, and shifts in the labour market. This resilience comes in the wake of New Zealand’s two costliest weather events on record in early 2023 - the Auckland anniversary floods and Cyclone Gabrielle - which resulted in insurance claims valued at NZD 3.75 billion.