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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, April 9th, 6:09PM


Latest Headlines

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

« Sovereign holds on to market top spotPeer cover a hard sell but new product planned »

Special Offers

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.

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Life and health insurance through the eyes of a pandemic
Partners Life’s Naomi Ballantyne calls on her 38 years in the industry to discuss potential trends for the industry through lockdown and what we might see moving beyond.

MDRT plans virtual annual meeting
The MDRT's annual meeting, which attracts more than 10,000 delegates from around the world, will be a virtual event this year.

ANZIIF cancels insurance awards
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has made the decision to cancel the 2020 Australian and New Zealand Insurance Industry Awards.

Partners Life supports rainbow community
Partners Life is again supporting the Rainbow Excellence Awards.

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