Latest life insurance data published by the FSC shows that while the country has seen a 70,000 increase in population to 5.42m so far this year, the number of life policies has dropped from 4.2m in the first quarter to 4.15m in third quarter.
Data supplied to the industry body by insurers also shows that annual premiums paid rose from $3.17m (Q1) to $3.21m (Q3).
Key insights pulled from data also shows that since 2011 there has been a growth with trauma becoming the second largest product by covers.
Group cover has shown a significant increase, almost doubling its amount in 2021.
The FSC also states that accidental death is still the biggest product. Traditional and credit insurance have been decreasing.
Covers split by gender shows that about 60% of males and 30% of females (10% unknown) have life insurance. More than 50% of policies are held by those aged 46 to 65.
Below – this year’s quarterly life insurance data published by the FSC.
