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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

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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.

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