MEDIA RELEASE
17 September 2004
LIFE
INSURANCE STATISTICS
Premiums paid for life insurance grew by 5% from $1.04 billion to
$1.09 billion in the year ended 30 June 2004.
Over the same period life insurers settled death claims in excess
of $328 million, made payments in respect of maturing policies of $220 million and other
benefits of nearly $115 million. Total benefits paid exceeded $662 million which is a
significant contribution towards the security of thousands of New Zealanders and to the
economy of the country.
This information results from the release of national statistics
compiled by the Investment Savings and Insurance Association from figures supplied by
member companies.
In keeping with international trends, strong growth in life
insurance has occurred through ‘risk" products which provide benefits on death,
becoming disabled and or suffering a trauma.
Saving through life insurance continues to play an important role
but new savings are typically directed to unit trusts, superannuation and other managed
fund products.
The ten largest companies account for 95% of the inforce annual
premium of $1.09 billion for life insurance and their shares of the total market are as
follows:
Company |
Total Inforce
Annual Premiums
$000 |
Market Share
% |
| Sovereign |
299,181 |
27.5 |
| AXA |
180,789 |
16.6 |
| AMP |
175,178 |
16.1 |
| Asteron |
103,020 |
9.5 |
| AIA |
63,532 |
5.8 |
| Tower NZ |
62,998 |
5.8 |
| Westpac Life |
45,421 |
4.2 |
| CIGNA Life |
44,214 |
4.1 |
| BNZ Life |
33,476 |
3.1 |
| Fidelity |
29,456 |
2.7 |
For further information contact:
Vance Arkinstall, Chief Executive
