Life Insurance in New Zealand, Key Trends and Opportunities to 2019

Date: 2015-12

“โ€ข New Zealand’s life insurance penetration stood at 0.73% of GDP in 2014, below the Organization for Economic Cooperation and Development (OECD) average of 5%.

โ€ข Uncertain economic conditions impacted consumer purchasing power, and a low interest-rate environment led to moderation in the profitability of insurance products.

โ€ข The popularity of NZS is discouraging people from buying private pension schemes.

โ€ข The term life category accounted for 63.6% of the life gross written premium in 2014.

โ€ข Considering the presence of both domestic and foreign insurers, New Zealandโ€™s life insurance segment is highly competitive.

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