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$1.1 billion annual claims payout for personal insurance

$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 peter.neilson@fsc.org.nz

ENDS

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