New Zealand’s life insurance sector has experienced consistent growth, with an average increase of 2% to 5% year-on-year since 2015, according to the Financial Services Council of New Zealand (FSC). This steady growth trend continued through December last year.
The industry has also seen a reduction in the impact of seasonality on new business since 2021, reflecting a more stable market environment.
Claims accepted in the sector have reached their highest level since 2020, signaling a recovery from the decline seen in 2022.
Accidental death coverage remains the most commonly sought after, while trauma and group insurance policies have seen notable growth in recent years.
The gender distribution of policyholders has remained largely unchanged, with 60% of policyholders identifying as male, 30% as female, and 10% unspecified.
Furthermore, policyholders aged 46 to 65 contribute to more than half of the total premiums in the sector.
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