More Kiwis have income protection

In the year to December, $722.3 million in premiums was being paid on income protection policies, $254.9 million more than five years ago.

FSC industry statistics for December 2014 show annual premiums in force, incorporating trauma replacement, income and lump sum disablement, totalled $1.9 billion.

Total annual premiums in force for life and income protection insurance have grown by 43% over the past five years, outstripping inflation of around 10% over that period.

FSC chief executive Peter Neilson said the strong growth in income protection was particularly welcome.