$1.1 billion annual claims payout for personal insurance
New Zealanders were paid $1.132 billion for personal insurance claims in the year ended December 2015 according to
figures released today by the Financial Services Council (FSC).
FSC CEO Peter Neilson said the payout by FSC members of the insurance industry for personal insurance including life and
income protection insurance has consistently exceeded $1 billion a year since 30 June 2011.
The FSC’s latest figures show life insurance products comprise about 60% of personal insurance premiums but they are
growing more slowly, at 4% a year, than income protection insurance products at 7% a year.
“The growth in new business premiums for income protection products has been higher than the growth in new premiums for
life products each quarter since September 2012, said Mr Neilson.
“Trauma and replacement income products also continue strong and steady growth,” he said.
Many New Zealand families still remain financially vulnerable should a main income earner become unable to work because
of extended illness. The increase in claims and coverage of income protection insurance products is therefore a trend to
be welcomed, concluded Mr Neilson.
A more detailed breakdown of these statistics can be downloaded from http://www.fsc.org.nz
. For more information contact:Peter Neilson, CEO FSC021 395 891 or firstname.lastname@example.org