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An overview of the life insurance sector in New Zealand

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This article provides an overview of the life insurance sector in New Zealand and highlights issues in the sector. It provides a range of indicators relating to New Zealand’s life insurance sector, and where possible, compares them to international peers. The purpose of this article is to support market discipline by sharing some of the data collected by the Reserve Bank in recent years. The insurance sector plays an important role in the financial system by spreading the costs of risk events through time, across the population and, via reinsurance, internationally. Life insurance coverage softens the financial impact of events such as death, disablement and major illness, allowing insured individuals and their families to maintain their living standards. It may also support mechanisms for long-term saving and provision for retirement, although the sale of new insurance policies that provide this facility has largely ceased in New Zealand.

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  • Jinny Leong & Adrian Allott, 2020. "An overview of the life insurance sector in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 83, pages 1-20, January.
    • Handle: RePEc:nzb:nzbbul:jan2020:1
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    File URL: https://www.rbnz.govt.nz/hub/-/media/project/sites/rbnz/files/publications/bulletins/2020/rbb2020-83-01.pdf
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