Throwing Caution to the Wind: Falling Demand for Industry Services Has Reduced Revenue
Revenue for the Life Insurance industry has taken a downward turn as of late. Lost premiums from lapsed and cancelled policies have outweighed premiums from new business across the majority of industry insurers. Industry revenue is expected to plunge at an annualised 3.3% over the five years through 2023-24 to $3.8 billion. Inflationary effects have given life to investment returns and allowed insurers to hike premium prices this year, with industry revenue is anticipated to jump 4.6% in the current year.
Industry operators provide life insurance and life reinsurance cover. Life insurance generally involves the insurer paying out the beneficiaries of the policy in the event of death, disablement, serious illness or injury for the insured individual.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Asteron Life Limited
- AIA International Limited
- Fidelity Life Assurance Company Limited
- Resolution Life New Zealand Limited
- Cigna New Zealand Holdings Limited
Methodology
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