Publications and reports for the insurance sector

Insurance industry update

The purpose of the Insurance Industry Update is to keep licensed insurers informed of current initiatives and to provide clarification on licensing, supervision, compliance requirements and related matters.


Copies of reports published by the Reserve Bank that relate to supervision of the insurance sector.

Thematic Review of Life Insurer Conduct and Culture

On 29 January 2019 the Financial Markets Authority and Reserve Bank of New Zealand released the findings from their joint review of conduct and culture in New Zealand life insurers. The review took place between June and November 2018 and involved a review of 16 life insurers. The report is thematic in nature and as such does not attribute findings to individual life insurers.

Report on the Insurer Disclosures Thematic Review

This report covers the Reserve Bank’s findings from the thematic review on compliance with financial strength rating and solvency disclosures requirements in 2017. This report was based on a sample of 36 licensed insurers.

Report on insurer catastrophe risk survey 2016

This report provides the Reserve Bank’s generalised feedback on the catastrophe risk survey 2016. Licensed insurers were asked to provide qualitative information on their assessment of exposure to catastrophe risks.

Canterbury and Kaikoura earthquake claims patterns

From time to time the Reserve Bank has made publicly available some anonymised information on insurers’ claims patterns (rate of payments and changes in estimated ultimate costs) for the Canterbury and Kaikoura earthquakes to assist insurers.

The latest information is contained in a presentation to the New Zealand Society of Actuaries in June 2018.

The following paper titled “Canterbury earthquakes 2010-2012: Insurance supervision in the first 2 years” was presented to the New Zealand Society of Actuaries conference in November 2012, and provides some useful context.

Insights from New Zealand solvency returns for the 2015 financial year

A review of the solvency returns and solvency exempt returns for the 2015 financial year. There is an analysis of the industry’s solvency results, components of solvency requirements, in aggregate and with comparisons between peer insurers. We comment on some issues uncovered as well as some other aspects that may be of interest. This paper was presented at the New Zealand Society of Actuaries conference on 22 November 2016.

Review findings on the quality of the risk governance of insurers

This report covers the Reserve Bank of New Zealand’s findings from a review of the quality of risk governance amongst 17 licensed insurers conducted during the second half of 2014.

The view of the Reserve Bank on ACS (NZ) Limited’s proposed scheme of arrangement under Part 15 of the Companies Act 1993, 6 June 2012

This report provides the Reserve Bank’s view on the contingent scheme of arrangement proposed by ACS (NZ) Ltd (formerly Ansvar Insurance). This report was originally published by ACS on its website in June 2012 ahead of a creditors meeting to vote on the scheme. Subsequently, creditors voted in favour of the scheme and the High Court gave its approval for the scheme to be established.

ACS (NZ) Limited Examination of reserve uncertainty at 31 December 2011, KPMG 29 May 2012

This report was commissioned at the direction of the Reserve Bank under section 126 of the Insurance (Prudential Supervision) Act and published by ACS on its website in June 2012 ahead of a creditors meeting and vote on the proposed scheme. It is an independent report from KPMG which examines reserve uncertainty for the outstanding claims and claims handling expense liabilities of ACS as at 31 December 2011.

Quick reference guide

In November 2012 the Bank issued a publication "Supervision of the insurance industry - A quick reference guide" to explain the Reserve Bank’s function with regard to the insurance system in New Zealand, and the requirements that all insurers in New Zealand are licenced and subject to ongoing prudential supervision by the Reserve Bank of New Zealand.