|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 29th, 6:34PM


Latest Headlines

In force premiums up nearly 10%

Market statistics for life insurance at the end of June 2008, recorded an increase of 9.6% in the total premiums paid for in-force life policies from $1.35 billion to $1.48 billion over the past year.

Friday, August 22nd 2008, 12:39PM
Premiums paid on risk products, the largest product sector, recorded 11.9% growth from $1.135 billion to $1.27 billion for the year ended 30 June.

"The huge success of KiwiSaver attracting over 750,000 savers should also provide a trigger for New Zealanders to assess their life insurance cover, particularly for families. Individuals should take the opportunity to ensure that they have adequate cover against premature death and also protection of their ability to work and earn an income. Becoming unable to work through long-term illness or disability will throw any well-planned savings programme off course, but this can be easily protected. Income replacement insurance is one of the fastest growing insurance products," Investment Savings and Insurance Association chief executive Vance Arkinstall said.

The market share of total premiums of the leading companies has remained relatively consistent over the past 12 months with Sovereign 29.4%, AXA (NZ) 14.4%, AMP 13.7%, Asteron Life 8.5% and AIG 6.2%, holding the leading positions.

During the year ended 30 June 2008, life insurance companies paid out $425 million (last year $412 million) in death claims, a further $209 million ($211 million) in maturities and a $202m ($200 million) in other benefits including income replacement claims and surrender values. In total, life insurance companies have returned $936.7 million to support the families and dependents of their policyholders which is a significant contribution to the New Zealand economy.

« Research: Stepped vs level – there's more than one right answerThe National Partnership buys back-office »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

Fitch runs Covid-19 ruler over industry
AIA has had its Fitch rating affirmed with a stable outlook, while Suncorp is affirmed with outlook revised to negative.

MDRT waives production requirements
MDRT has waived production requirements for its members this year.

Rating agency gives Partners the tick; Here's what it said
A M Best says Partners Life has a very strong balance sheet and has continued to award its current rating.

Hardship fund for Asteron customers
Suncorp is establishing a $2 million hardship fund for Vero and Asteron Life customers.

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
Site by Web Developer and