Chubb Life Insurance New Zealand has confirmed the appointment of Jaco Grobbelaar (pictured) as its next chief financial officer, effective April 28, subject to regulatory clearance.
Grobbelaar brings over 25 years of experience in insurance and financial services, having worked in executive roles across New Zealand, South Africa, and the UK.
His previous leadership positions include tenure at Sovereign (now part of AIA), Westpac, and most recently, Partners Life, where he led financial operations and contributed to strategic initiatives supporting company resilience and expansion.
A Chartered Accountant, Grobbelaar has also completed executive development programs at the University of Oxford’s Saïd Business School, focusing on high-performance leadership and advanced management.
Gail Costa, chief executive of Chubb Life NZ, said Grobbelaar’s leadership background and financial expertise will strengthen the company’s executive capabilities.
“Jaco has a strong track record of optimising financial planning and reporting processes, driving efficiency and successfully leading teams through change. I’m really looking forward to having Jaco on board and have every confidence that his expertise, experience, and leadership will further strengthen our senior leadership team,” she said.
The announcement follows broader leadership changes at Chubb Life NZ. Paula ter Brake has been named as the company’s next CEO, effective May 5, pending regulatory approval.
Ter Brake will take over from Costa, who is retiring after overseeing the company’s transition from Cigna to Chubb Life. Ter Brake is expected to focus on broadening the company’s life insurance offerings through both intermediary and direct-to-consumer channels.
The appointments come at a time when New Zealand’s life insurance sector is forecast for steady growth.
Industry analysis from GlobalData projects gross written premiums (GWP) will rise from $5.9 billion in 2024 to $8.3 billion by 2029, representing an annual growth rate of 7%.
This outlook is supported by growing demand for whole life and personal accident and health (PA&H) products, alongside rising consumer interest in financial protection.
GlobalData senior analyst Swarup Kumar Sahoo said that broader macroeconomic trends may support market expansion.
“Economic recovery, coupled with easing inflation and increased private investment, will support household consumption and drive demand for life insurance products. However, challenges such as high unemployment and inflation could pose risks to this growth,” he said.
