New Zealand’s life insurance sector has grown between 2% and 5% year-over-year since 2015, with seasonality having less impact on new business since 2021, according to the Financial Services Council of New Zealand (FSC).
The country had 4.15 mn life insurance policies, compared to an estimated national population of 5.46 mn. The sector collected NZ$3.24 bn ($1.86 bn) in premiums.
Accepted claims reached their highest level since 2020, reflecting a recovery from the 2022 decline, according to the FSC’s quarterly Life Insurance Spotlight covering the period through Dec. 31. Quarterly claims exceeded NZ$350 mn.
Accidental death remained the most common type of coverage, while trauma and group life policies also saw significant increases.
The gender distribution of policyholders remained stable at 60% male, 30% female, and 10% unspecified. More than 50% of premiums came from individuals aged 46 to 65.
In a separate development, Suncorp Group announced it had completed the NZ$410 mn sale of Asteron Life, its New Zealand life insurance business, to Resolution Life NOHC.
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that changes to the Resource Management Act will protect communities by preventing construction in high-risk areas.
The government’s planned replacement of the RMA in Phase 2 includes changes that local councils must implement. These changes focus on developing a national strategy for managing natural hazards.
New Zealand’s vulnerability to natural hazards is well-documented. The Climate Change Commission has reported that 750,000 people and 461,000 buildings face risks from coastal inundation or inland flooding, threatening assets worth billions of dollars.
