Premiums paid for life insurance grew by 5.9% from $1.05 billion to $1.12 billion in the year ended September 30.
“Consistent with international trends, growth in life insurance continues through risk products providing cover for a range of risks including death, income protection, trauma disability and accident," Investment Savings and Insurance Association chief executive Vance Arkinstall says.
The growth in risk insurance premiums for the 12 months has been 9%.
New Zealanders have a clear preference to separate their life insurance risk protection from their savings. Savings are now typically directed to managed funds and superannuation which offer professionally managed and cost effective avenues to a diversified personal investment portfolio”.
“That it is a good practice to regularly review existing cover to ensure that it continues to meet individual family business needs,” Arkinstall says.
The statistics collected by ISI cover over 98% of the New Zealand life insurance industry.
The market shares for the Top 10 Companies are:
|
Company |
Top 10 position |
Total Market% |
Top 10 position |
Risk Products% |
|
Sovereign |
1 |
27.4 |
1 |
30.5 |
|
AXA |
2 |
16.5 |
2 |
12.0 |
|
AMP |
3 |
15.7 |
4 |
8.9 |
|
Asteron |
4 |
9.3 |
3 |
10.7 |
|
AIA |
5 |
5.9 |
5 |
7.6 |
|
Tower NZ |
6 |
5.9 |
6 |
5.6 |
|
Westpac Life |
7 |
4.1 |
7 |
5.3 |
|
CIGNA Life |
8 |
4.0 |
8 |
5.1 |
|
Fidelity Life |
9 |
3.2 |
9 |
4.1 |
|
BNZ Life |
10 |
3.1 |
10 |
4.0 |
Over the year, life insurers paid out in excess of $331 million for death claims, $206 million from maturing policies and additional benefits of $149 million.
"The total payments of $686 million made by the life insurance industry over this period represents a major contribution to the security of thousands of New Zealanders and their families,” Arkinstall says.
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