New Zealand insurers recorded $NZ7.04 billion ($6.64 billion) in gross earned premium in the year to September 30, up from $NZ6.5 billion ($6.03 billion) in the previous year, according to inaugural industry statistics from the central bank.

Net earned premium increased to $NZ5.4 billion ($5 billion) from $NZ4.7 billion ($4.36 billion).

It wasn’t all rosy, however, with net claims expense growing to $NZ3.73 billion ($3.46 billion) from $NZ2.96 billion ($2.75 billion) and the combined operating ratio worsening to 103.6% from 100.7%.

The figures are from the Reserve Bank of New Zealand’s Quarterly Insurer Survey, which covers 28 of 88 licensed insurance providers – including life insurers – that account for almost 90% of the industry’s assets and premiums.

“The release… is part of a multi-year initiative towards providing comprehensive data on the New Zealand insurance industry,” Statistics Manager Steffi Schuster said.

“The Reserve Bank plans to expand the range of available statistics.”

The insurance industry, including life, recorded a decline in net profit to $NZ532 million ($494 million) from $NZ898 million ($833 million).

The central bank has not provided a breakdown for general and life insurers.