Premiums up 6.2%
Total premiums paid for life insurance grew by 6.2% to $1.367 billion in the year ended 30 September, the ISI reports.
Saturday, November 10th 2007, 11:12AM
"Whilst this growth is positive it needs to increase if it is to address the under-insurance problem that exists within New Zealand."
"Many New Zealanders have in place life insurance to cover the mortgage and credit card debt which is an excellent start, but a full financial plan must go beyond these basics," Arkinstall says.
He says the introduction of KiwiSaver provides an ideal time for New Zealanders to review their life insurance.
"A well designed retirement plan calls for both structured long-term savings, coupled with life insurance and income protection insurance."
During the year the life insurance industry paid out more than $799 million. Of this, payments on death claims exceeded $406 million, maturities of existing life insurance savings accounted for $207 million and other benefits including income replacement was $186 million.
The leading ISI companies based on market share statistics for total in-force premiums for the year are:
|
Company |
Total In Force Annual Premium ($000) |
% of Total Premium |
Rank |
|
Sovereign |
403,535 |
29.5 |
1 |
|
AXA New Zealand |
205,033 |
15.0 |
2 |
|
AMP Life Ltd |
196,520 |
14.4 |
3 |
|
Asteron Life |
115,710 |
8.5 |
4 |
|
American International Assurance - AIA |
85,056 |
6.2 |
5 |
|
TOWER NZ |
72,777 |
5.3 |
6 |
|
Westpac Investment Management |
62,335 |
4.6 |
7 |
|
Fidelity Life Assurance |
59,347 |
4.3 |
8 |
|
ING Life |
55,348 |
4.1 |
9 |
|
CIGNA Life Insurance |
53,865 |
3.9 |
10 |
|
BNZ Life |
45,518 |
3.3 |
11 |
|
Medical Life |
8,401 |
0.6 |
12 |
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