The Financial Services Council (FSC) of New Zealand has released its quarterly data for the life insurance sector in the country, the highlight of which is an increasing trend of claims in the past nine months.
From over 250,000 in the quarter ending December 2022, the New Zealand life insurance sector recorded over 300,000 claims in Q2 of 2023, a steady decrease from the past few months. It is now nearing the claims figure for the quarter ending September 2022, which has the highest across the past 24 months.
The report also revealed a slight increase in annual life insurance premiums, from $3.07 billion in the past quarter to $3.11 billion in Q2. The number of life insurance covers remained the same at 4.1 million, while the total population has increased slightly to 5.23 million.
Term and accidental death still accounted for the top annual premium income by product at $1.537 billion, followed by trauma at $612 million and income protection at $489 million.
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