The latest quarterly insurance snapshot from the FSC reveals there are 4.2 million life covers in place, up on 4.1m a year ago. During the same period, the country’s population rose from 5.18m to 5.35m.
As at 31 March 2024, annual life premiums total $3.17bn, up on $3.07bn in Q1 2023.
Annual premiums by product show whole life cover totals $41m, a drop from $45m a year ago. Meanwhile, premium income from term and accidental death cover have risen to $1.56bn (Q1 2023 $1.51bn).
Quarterly claims paid by insurers appear to have steadied at just over $300m since June 2023.
The FSC’s figures are based on declarations from member organisations and Stats NZ.
Below – Q1 2023
