Resetting the insurance scene

Entitled Emerging from the Storm: The day after tomorrow for insurance, the report focuses on the global insurance industry, looking ahead to examine how the financial crisis is likely to reshape it in the years to come.

However, Auckland-based PwC financial services tax partner David Lamb says many of the report's global themes are applicable to New Zealand, particularly around regulation, taxation and changing consumer preferences.

The report describes the financial crisis as a "watershed" for the insurance industry in many parts of the world, with expectations from customers, investors, governments and regulators all changing rapidly.

It also speaks of a "reawakening" of merger and acquisition activity, which Lamb says is a "definite possibility" in New Zealand, as evidenced by the recent acquisition of ING by ANZ.