New Zealand life insurance registers 2%-5% average growth

Claims accepted are at their highest level since 2020

As of December last year, New Zealand’s life insurance sector has averaged a 2% to 5% year-on-year growth since 2015, according to the Financial Services Council of New Zealand (FSC).

The impact of seasonality on new business has lessened since 2021. 

Claims accepted are at their highest level since 2020, marking a recovery from the dip in 2022.  

Accidental death remains the most common type of cover, whilst trauma and group insurance have seen significant growth. 

The gender split remains unchanged, with 60% of policyholders being male, 30% female, and 10% unspecified. 

Additionally, more than half of total premiums come from policyholders aged 46 to 65.