Loading ...Our latest poll is asking advisers if there is enough product innovation in New Zealand’s life insurance sector.
The question arises after a report last week noted the lower life insurance penetration rate in New Zealand (1.3%) in 2023 compared to other APAC peers.
GlobalData’s report pointed to life insurance penetration in South Korea at 7.4% and in Hong Kong (China SAR) at 15.9%. with Japan (6.3%), and Singapore (7.5%) also having much higher penetration (see: Strong Growth Forecast for Life Insurance Market).
The firm’s Senior Insurance Analyst Swarup Kumar Sahoo notes that this low rate in NZ “…provides ample growth opportunity to insurers.”
…insurers need to introduce innovative products and leverage digital technologies to make insurance more affordable and accessible…
While he says the rising cost of living will result in under-insurance and hinder the growth of the life insurance market “…to address this issue insurers need to introduce innovative products and leverage digital technologies to make insurance more affordable and accessible,” he says.
This made us wonder, is there enough product innovation evident in our local life insurance market?
We are keen to learn your views and will report back next week…