The Financial Services Council’s latest quarterly spotlight on the life insurance sector has seen a 21% increase in total claims accepted, despite what the FSC describes as minimal movement in total premiums and total covers.
The council’s graphic shows total quarterly claims as at 30 June 2025 sitting just shy of $350 million compared with around $280 million in the previous quarter.
The FSC says that this quarter’s total growth in annual premium income compared to June 2024 of 1.4% “…is relatively low compared with the usual 2-5% year-on-year growth historically observed.”
The FSC adds that lapses this quarter don’t appear “…to follow the usual seasonality trend of growing in June as it has reduced by 1% this quarter.”
Accidental Death continues to be the largest product by covers, although Trauma and Group are showing significant increases “…with Group now exceeding Guaranteed Acceptance as the fourth largest product.”
More than 60% of premiums can be attributed to ages 46 to 65.
