Stats Alert: Interim Suspension Of Insurance Sector Data, And New Statistics Highlights Widget On RBNZ Homepage

Interim suspension of insurance sector data

On 29 March, the Reserve Bank of New Zealand - Te Pūtea Matua, will discontinue the following Quarterly Insurance Survey publications:

• Insurance companies: Income statement (J10) and
• Insurance companies: Balance sheet (J20).

The Quarterly Insurance Survey will eventually be replaced by new financial reports. For more information and to keep up to date with progress and timings, please visit our Insurance data upgrade page.

Background:
Insurers are in the process of transitioning to new international financial reporting standards, which will have a significant impact on their reporting. The International Financial Reporting Standard, IFRS 17, is replacing IFRS 4, and came into mandatory effect for insurers starting from 1 January 2023. Our insurance financial reporting templates are being updated and consolidated in order to transition regulatory reporting under NZ IFRS 17.

In future, financial reporting will consist of an Annual Insurer Report (AIR) and a Quarterly Insurer Report (QIR). The proposed new QIR will be based on the AIR but with slightly less detail. The financial reporting in the QIR is based on management accounts instead of audited financial statements and will be utilised for future statistical publications once the standards are in place for all insurers, which have varying balance dates from which the new standards will apply.

New Statistics Highlights widget on RBNZ homepage

Late last year our website went through a major refresh. One of the key objectives was to make our statistics more visible and accessible. Many of the statistical pages now have interactive charts allowing users to visually explore the data more easily. We have also more recently designed a Statistics Highlights widget which bundles some of our most-commonly searched statistics together. Take a look and let us know what you think either by emailing statsunit@rbnz.govt.nz or using the pop-up feedback box on our website.
 

© Scoop Media