It is concerned that New Zealanders rate of life insurance uptake presents an increasing risk, as it is not keeping pace with the growth in the levels of home mortgage lending.
“This could have a flow on effect on families in the event of death, illness or a downturn in employment,” it says.
Sovereign says increased its annual net in-force premium income by 11% to $279 million.
In the process, it lifted its share of regular premium new business to 31.8%, an increase in market share of over 3%, consolidating its leadership in this market.
“Sovereign’s new business market share is now bigger than the combined market share of its next three biggest rivals.”
Meanwhile AMP says its risk insurance business has seen strong growth and “a very pleasing increase in market share for the sixth consecutive quarter.”
It says it is now moved to second place in terms of overall market share of annual premium income, “having grown at nearly twice the rate of the market over the last three years” with nearly 16% year-on-year growth.
AMP attributes its increased sales partly on a focus on the quality of business written and an improved underwriting capability within a tight labour market.
Sovereign says “a noticeable feature” of its products is “the combination of their contemporary nature, their focus on flexibility to meet customers changing circumstances, and the changes taking place within society itself.”
It uses health insurance as an example and the launch of a low cost product policy that meets modern health care needs based around an aging population and advances in health science.
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