Life insurance premiums grow 5%

Over the same period life insurers settled death claims in excess of $328 million, made payments in respect of maturing policies of $220 million and other benefits of nearly $115 million. Total benefits paid exceeded $662 million which is a significant contribution towards the security of thousands of New Zealanders and to the economy of the country.

This information results from the release of national statistics compiled by the Investment Savings and Insurance Association from figures supplied by member companies.

In keeping with international trends, strong growth in life insurance has occurred through ‘risk” products which provide benefits on death, becoming disabled and or suffering a trauma.

Saving through life insurance continues to play an important role but new savings are typically directed to unit trusts, superannuation and other managed fund products.

The 10 largest companies account for 95% of the inforce annual premium of $1.09 billion for life insurance. The following table provides market share stats.