There is not enough product innovation in New Zealand's life insurance sector.
- Agree (50%)
- Disagree (45%)
- Not sure (5%)
Loading ...Product innovation in New Zealand’s life insurance sector is, our latest poll indicates, not doing too badly at all.
As we go to press, while just over half (52%) of advisers taking part in the poll agreed with the statement that there is not enough product innovation in the life insurance sector, a very sizable 44% disagreed, indicating they believe there is enough product innovation taking place. Just 4% were not sure.
Our poll question arose following a report which noted the lower life insurance penetration rate in New Zealand (1.3%) in 2023 compared to other APAC peers.
GlobalData 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 rates (see: Strong Growth Forecast for Life Insurance Market).
…Insurers need to introduce innovative products and leverage digital technologies to make insurance more affordable and accessible…
The firm’s Senior Insurance Analyst Swarup Kumar Sahoo noted that this low rate in NZ “…provides ample growth opportunity to insurers.”
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.”
Our poll remains open for another week and we are keen to learn your view…