Non-admitted insurance: Permitted.

Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.

Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.

Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger cousin, New Zealand is a small marketplace, although all of the major international insurers and reinsurers are represented here, along with a few strong local players. New Zealand is recognised as a catastrophe-prone zone, and the insurance market started to harden in early 2009. The insurance market is lightly regulated in New Zealand compared with Australia.

Overall risk rating: very low