Life insurance premiums grow 5%
Premiums paid for life insurance grew by 5% from $1.04 billion to $1.09 billion in the year ended 30 June 2004.
Tuesday, September 21st 2004, 6:52AM
This information results from the release of national statistics compiled by the Investment Savings and Insurance Association from figures supplied by member companies.
In keeping with international trends, strong growth in life insurance has occurred through ‘risk” products which provide benefits on death, becoming disabled and or suffering a trauma.
Saving through life insurance continues to play an important role but new savings are typically directed to unit trusts, superannuation and other managed fund products.
The 10 largest companies account for 95% of the inforce annual premium of $1.09 billion for life insurance. The following table provides market share stats.
|
Company |
Total Inforce Annual Premiums $000 |
Market Share % |
|
Sovereign |
299,181 |
27.5 |
|
AXA |
180,789 |
16.6 |
|
AMP |
175,178 |
16.1 |
|
Asteron |
103,020 |
9.5 |
|
AIA |
63,532 |
5.8 |
|
Tower NZ |
62,998 |
5.8 |
|
Westpac Life |
45,421 |
4.2 |
|
CIGNA Life |
44,214 |
4.1 |
|
BNZ Life |
33,476 |
3.1 |
|
Fidelity |
29,456 |
2.7 |
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