New Zealand’s life insurance uptake falling despite post-covid awareness

New Zealand has a relatively low rate of life insurance uptake. (Image: AIA/NZME)

Thu, 18 Sep 2025

Life insurance is shrinking as a share of New Zealand’s insurance market, despite heightened awareness since covid-19, with foreign-owned firms dominating a sector struggling to add new customers.Reserve Bank of NZ (RBNZ) data shows life cover made up more than 25% of the $8.4 billion in total premiums in 2016. By the end of 2022, premiums had risen to $12.8b, but the life insurance share had fallen below 20%. A 2020 RBNZ survey found just 29% of adults held life cover, compared with more than 60% in Australia.Nick Stanhope, chief ex...

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