tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Insurance

rss
Latest Headlines

Payouts top $1.1 billion again

New Zealanders were paid $1.132 billion for personal insurance claims in the year ended December 2015, Financial Services Council (FSC) statistics show.

Wednesday, February 10th 2016, 9:15PM 1 Comment

FSC chief executive Peter Neilson said the payout by FSC members of the insurance industry for personal insurance including life and income protection insurance had topped $1 billion a year each year since June 30, 2011.

The FSC’s latest figures show life insurance products comprise about 60% of personal insurance premiums but they are growing more slowly, at 4% a year, than income protection insurance products at 7% a year.

“The growth in new business premiums for income protection products has been higher than the growth in new premiums for life products each quarter since September 2012,” said Neilson.

“Trauma and replacement income products also continue strong and steady growth,” he said.

Term life insurance policies had the largest amount of payout, at $421.8 million over the year.  That was followed by whole life and endowment policies at $200.7 million and trauma, at $136.9 million.

Group trauma policies paid the least, at $2.5 million.

Tags: FSC

« Sovereign holds on to market top spotPeer cover a hard sell but new product planned »

Special Offers

Comments from our readers

On 11 February 2016 at 10:00 am Tash said:
Add to that the $1 Billion or thereabouts paid by Medical Insurance policies and one can easily see what a massive social benefit the life and health insurance industry is to NZ.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x