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The role of insurance in Kiwis’ life

As New Zealand continues to navigate through unpredictable times, financial protection has become increasingly crucial. And in a country where the population numbers slightly over five million, insurance plays a significant role. 

The latest quarterly snapshot from the Financial Services Council (FSC) paints an intriguing picture of the country's life insurance sector, a vital piece in the larger financial security puzzle for millions of Kiwis.

A healthy life insurance sector
With 4.1 million life insurance policies – including life insurance, trauma and income protection – the sector continues to make a difference to New Zealanders’ lives. 

When it comes to claims, in the quarter ending March 2023, life insurers paid out over $300 million, marking an increase from the $275 million paid out during the same period ending December 2022.

Sources: Financial Services Council Statistics, 31 March 2023, Stats NZ Population Clock, 8 May 2023.

Weathering the storm
Whether it’s life insurance, trauma cover, or income protection insurance, each solution offers different benefits designed to safeguard your future financial wellbeing. As insurance advisers, we can help you navigate this landscape based on your unique circumstances and goals. If you have any questions about your coverage, new or existing, please don’t hesitate to contact us. 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.