New Zealand Life Insurance – Key Trends and Opportunities to 2026
The gross written premium of New Zealand life insurance industry was $3.4 billion in 2021. The market is expected to achieve a CAGR of more than 6% during the forecast period. The New Zealand Life Insurance Industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the New Zealand life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the New Zealand economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report includes details of insurance regulations and recent changes in the regulatory structure.
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Key New Zealand Life Insurance Industry Trends
AIA Insurance launched digital AIA Starter Plans to address the mortality protection gap in New Zealand. The Plans consist of AIA Healthy Starter, AIA Starter Life, and AIA Starter Life Plus plans, among other facilities. These plans offer rent or mortgage protection and basic life with an optional add-on of specialist and diagnostic testing for medical conditions.
AIA Insurance extended its telehealth service to cover financial advisers. It provides access to international specialists and registered mental health clinics in New Zealand, including world-class advice and support when it is needed the most. The service supports customers with a diagnosis, treatment, and information to make informed health decisions.
Key Lines of Business in the New Zealand Life Insurance Industry
The key lines of business in the New Zealand life insurance industry are whole life, universal life, term life, other life, life PA&H, and life and pension non-categorized.
Whole Life Insurance: The working-age population is a prominent customer base of the whole life insurance, which will drive the growth of this insurance segment over the forecast period.
Life PA&H: Across Asia-Pacific, the integration of online healthcare services in insurance policies and personalized insurance propositions using wearable devices have gained traction in 2021. The ACC provides mandatory insurance cover for personal injury for everyone in New Zealand, regardless of citizenship. Increased medical costs will drive the demand for health insurance in the region to cushion the financial stress.
New Zealand Life Insurance Industry Analysis by Lines of Business
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Key New Zealand Life Insurance Industry Companies
Some of the key life insurance companies in New Zealand are IAG New Zealand Ltd, Southern Cross Medical Care Society, Vero Insurance New Zealand Ltd, QBE Insurance Ltd New Zealand, AA Insurance Ltd, FMG Insurance Ltd, Tower Insurance Ltd, AIA New Zealand Ltd, The Hollard Insurance Company Pty Ltd New Zealand, and Asteron Life Ltd New Zealand.
New Zealand Life Insurance Industry, by Companies
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New Zealand Life Insurance Market Report Overview
| Market Size (2021) | $3.4 billion (GWP) |
| CAGR | >6% |
| Key Lines of Business | Whole Life, Universal Life, Term Life, Other Life, Life PA&H, and Life and Pension Non-Categorized |
| Key Companies | IAG New Zealand Ltd, Southern Cross Medical Care Society, Vero Insurance New Zealand Ltd, QBE Insurance Ltd New Zealand, AA Insurance Ltd, FMG Insurance Ltd, Tower Insurance Ltd, AIA New Zealand Ltd, The Hollard Insurance Company Pty Ltd New Zealand, and Asteron Life Ltd New Zealand |
Scope
This report provides:
- Comprehensive analysis of the life insurance segment in New Zealand.
- Historical values for the New Zealand life insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top life insurance companies in New Zealand and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the New Zealand life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the New Zealand life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of New Zealand life insurance industry was $3.4 billion in 2021.
The New Zealand life insurance industry is expected to achieve a CAGR of more than 6% during the forecast period.
The key lines of business in the New Zealand life insurance industry are whole life, universal life, term life, other life, life PA&H, and life and pension non-categorized.
Some of the key companies in New Zealand life insurance industry are IAG New Zealand Ltd, Southern Cross Medical Care Society, Vero Insurance New Zealand Ltd, QBE Insurance Ltd New Zealand, AA Insurance Ltd, FMG Insurance Ltd, Tower Insurance Ltd, AIA New Zealand Ltd, The Hollard Insurance Company Pty Ltd New Zealand, and Asteron Life Ltd New Zealand.
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