Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
GlobalData projects the life insurance market in New Zealand will grow
GlobalData projects the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029.
GlobalData, an international data and analytics company, has projected the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029, equating to a compound annual growth rate of 7.0%, in terms of gross written premium. It expects the New Zealand life insurance market will reach $6.4 billion in gross written premiums in 2025.
The largest driver of growth is expected to be life personal accident and health, with an expected compound annual growth rate of 6.9% between 2025 and 2029 driven by rising healthcare expenditure and corresponding premium increases.
GlobalData puts the increased demand down to factors including an aging population, heightened health awareness and the rising cost of living, which have increased the need for financial protection, though they caveat their projections, saying high unemployment and inflation could pose risks to this growth.
More news:
Applications for Fidelity Life’s Career Connect 2025 intake are open
The ‘Get AIA Vitality and Start Thriving’ brand campaign is back
nib release 1H25 financial results
nib delivered an underlying operating loss of $10.9 million for 1H25, down considerably on 1H24’s $13 million profit.
nib delivered an underlying operating loss of $10.9 million for 1H25, down considerably on 1H24’s $13 million profit. Revenue for 1H25 was up 12.1% (to $218 million) from the same time last year, but challenging conditions that included incurred claims being up 27.3% (to $159.7 million) on 1H24, and rising costs (claims inflation at 17.6%, service costs up 7.6% and utilisation up 9.3%) led to the loss.
nib NZ Chair, Hanne Janes said
“We know value is crucial for members, now more than ever. In 2H25, we will continue our focus on costs, refocus on innovation and productivity gains, and bring good solutions to health care for members.”
As we write nib is promoting the launch of their new ultimate life and living range of products to advisers. The new suite is aimed specifically at advisers and the launch material incorporates pre-launch ratings of the product. A formal launch date is yet to be confirmed but is expected within the next couple of months. Advisers are currently being invited to training sessions to obtain accreditation.
More news:
INFINZ event 'Key Learnings from the FMA's Monitoring Report' is on 6 March in Auckland
MAS announce appointment of new Board member
MAS have announced that Melissa Macfarlane has been appointed to the MAS Board as a director, effective 1 February 2025.
MAS have announced that Melissa Macfarlane has been appointed to the MAS Board as a director, effective 1 February 2025.
Currently, Macfarlane serves as the New Zealand Country Head for Constantinople, a fully managed software and operations platform for banks to enhance customer experiences. Macfarlane has held a variety of prominent roles in the financial services industry, including Chief Digital Officer, Head of Corporate Strategy, and COO of Wealth and Insurance at Westpac Bank.
Brett Sutton, MAS Board Chair, said
“I’m delighted to have Melissa join us on the Board, as she brings a diverse set of skills in the financial services sector that will be valuable to the governance of MAS. In recent years, MAS’s regulators at the Financial Markets Authority and Reserve Bank of New Zealand have set robust expectations for the governance of financial services boards, so it is critical for the MAS Board to ensure we has the right balance of skills and experience to appropriately discharge our duties.”
More news:
FSC Life Insurance Special Interest Group Networking Event 25 March
Fidelity Life has made five new appointments to its Adviser council
Fidelity Life has made some changes to their Adviser council, adding five new members.
Fidelity Life has made some changes to their Adviser council. Last year when Fidelity Life announced they were looking for new council members, they were overwhelmed with responses. The five new members joining the Adviser council are:
Sarah Hunger, Managing Director and adviser – Cura Advisers Ltd
Andrea Reid, Director and adviser – Aliya Brokers Ltd
David Jochem, Director and adviser – Insure Ltd
Cory Bennett, Director and adviser – Float Financial Advisers
James Pearson, Head of Risk – Total Life Ltd
The departing members are:
Johny Winstone
Emma Hunter
Mark Breen
Yang Gu
Andrew Millar
The Adviser council was established to hear insightful and relevant feedback and respond with actions that drive better outcomes for Fidelity Life’s Adviser community and their customers. They meet quarterly to give objective feedback on new adviser and customer initiatives; collaborate to drive positive change for the industry; share and feedback on market and industry trends, opportunities and issues; and provide fresh insights, ideas and views.
More news:
Partners Life’s office is closed on 27 February 2025 as they hold an all-staff conference
Legal and regulatory update for the life and health insurance sector
FMA hold roundtable; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill introduced to Parliament; FSC publish Life Insurance Industry Spotlight December 2024; Andrew Bayly resigns as Minister.
20 Feb 2025 - The FMA is holding a FMA Chief Executive and Insurance industry roundtable on 26 March at 8:30am.
20 Feb 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was introduced to Parliament. https://bills.parliament.nz/v/6/8aad04b7-1df0-480a-531a-08dd514abaa2?Tab=history
21 Feb 2025 - The FSC publish the Life Insurance Industry Spotlight December 2024. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/FSC%20Corporate/Documents/Industry%20Statistics/FSC%20SPOTLIGHT%20Life%20DEC%202024.pdf
24 Feb 2025 - Andrew Bayly has resigned as Minister of Commerce and Consumer Affairs and Minister of ACC. https://www.nzherald.co.nz/waikato-news/news/andrew-bayly-stands-down-as-minister-after-putting-hand-on-staffer/ZV6UKMR5SNBQXAYVZXG4J3UYYI/
The Neuroscience of Focus
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain.
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain. One of the depressing facts Alex points out is that in 2022, 50% of the workforce felt burnt out – but by 2024 it had raised to 61% feeling burnt out.
One of my key takeaways to overcome continuous partial attention and help focus, was switching off notifications and using the ‘out of office’ function to stop those external factors that can halt our focus in its tracks. It’s an excellent watch if you want to get a few tips on how to improve your focus, and in turn improve your performance.
Alex Davids will also be presenting at the National Adviser Conference, 1 – 3 April at the Te Pae Christchurch Convention Centre.
More news:
Steve Wright talks about how proactive life advisers are required to be
Tony Vidler recommends tightening up your value proposition
Wealthpoint welcome Affinity + Co team to Wealthpoint's network
Edge Mortgages has joined Link Advisory
Concerns reforms to the anti-money-laundering regime could risk grey-listing NZ
Key changes to Asteron Life team
Asteron Life have made a number of personnel changes following the recent acquisition by Resolution Life Australasia.
Asteron Life have made a number of personnel changes following the recent acquisition by Resolution Life Australasia. There have been three appointments to the Leadership Team - Kristy Redfern as Chief Risk Officer, Stefan Azzopardi as Chief Financial Officer and Catherine Henshall as interim Appointed Actuary.
Redfern joined in February 2025 and was previously General Counsel and Company Secretary for AIA Australia. Azzopardi will join in March 2025 and was most recently CEO of Donaldson Brown Insurance Brokers. An external search continues for the permanent Appointed Actuary position.
In addition, Scott Jenson has been appointed as Acting Executive Manager, Claims and Customer Solutions while the recruitment process for the permanent role is active.
Grant Willis, Chief Executive Officer Asteron Life New Zealand, said
“Kristy, Stefan and Catherine bring a wealth of experience that will bolster the strength and expertise of our existing leadership team, and it is great to see Scott step up to the acting role. I am very much looking forward to their input as we continue to grow our incredible business and transition into one of New Zealand’s largest life insurance businesses.”
More news:
Register for Quotemonster 'New research and tools' events in March in Auckland and Christchurch
nib to roll out life insurance offering next month
nib’s new Ultimate Life and Living products, which include life, trauma, TPD, income protection and mortgage protection will be available from next month.
nib’s new Ultimate Life and Living products, which include life, trauma, TPD, income protection and mortgage protection will be available from next month. nib are currently running roadshows outlining its new products, but pricing will not be released until closer to the policies being in the market. QPR has rated the products, and they have come out favourably.
New customers buying bundled health insurance and Ultimate Life and Living policies will qualify for a 10% premium discount, while current members can qualify for multi-cover discounts ranging from 10% – 15%.
More news:
Fidelity Life increasing the underlying premium rates from 1 April
Partners Life’s QFA Phase 2 upgrade is now live
Financial Advice NZ Community of Practice: Central District 25 February
Willis Towers Watson will carry out the first independent investment review of ACC
Monsters in March – Registrations Now Open!
Advisers, don’t miss this must-attend event covering the latest research and tools for insurance and KiwiSaver. With limited seats, secure your spot now!
Advisers, don’t miss this must-attend event covering the latest research and tools for insurance and KiwiSaver. With limited seats, secure your spot now!
We are holding two in Auckland and one in Christchurch, dates and venues with links to register are below.
This event is a must-attend for advisers looking to refine their expertise, embrace new opportunities, and integrate cutting-edge research into their practice.
The events will each have three sessions – one on business insurance, one on personal insurance and one on KiwiSaver. You can choose whether to attend all three sessions or pick one or two.
Session 1: Business Insurance – Unlocking Growth & Overcoming Barriers
Explore the untapped potential of Business Risk Insurance and learn how to navigate this lucrative market. This session provides a deep dive into the New Zealand business landscape, highlighting key statistics on insurance uptake and identifying opportunities for advisers.
Session 2: Personal Insurance – Navigating Market Shifts & Research Innovations
Stay ahead of industry trends and leverage independent research to strengthen your advice process. This session covers critical developments in the personal insurance market and our research tools.
Session 3: KiwiSaver – Strengthening Advice for Better Retirement Outcomes
Enhance your KiwiSaver advice strategy with independent research and expert insights. This session highlights the importance of adviser-led KiwiSaver recommendations and the tools available to support better decision-making.
Benefits of attending this event include:
1. Explore the latest new research and platform enhancements firsthand
2. Gain insights from expert speakers and earn valuable CPD credits
3. Connect with industry professionals through networking and enjoy complimentary catering
4. Unlock exclusive access to extended free trials
18 March – Remuera Golf Club, Auckland Central
20 March – Addington Raceway, Christchurch
25 March – North Harbour Stadium, North Shore
Please reach out to us if you have any questions, we can’t wait to see you there!
Chubb Life introduce Smart Start, Change of Mind and the ability to delete quotes
Chubb Life have announced the launch of their new “Smart Start” feature, a new “Change of Mind” window for cancellations and withdrawals and the ability to delete quotes in Adviser Hub.
The Smart Start feature will be rolled out from 13 – 20 February. With “Smart Start”, once underwriting for an Assurance Extra or Assurance Extra Business policy has been completed at standard rates or an Offer of Terms has been accepted, Chubb Life’s systems will initiate a temporary pause period and advisers will receive a “Ready to Issue” email which outlines the planned commencement date, first payment date, payment frequency and premium amount. The default pause period is five working days, after which the policy will automatically issue, though advisers can adjust the pause period to anything from 0 – 5 days. During the pause period, advisers can request changes by replying to the email or calling the New Business team.
From 14 February, cancellation requests will be processed as soon as they’re received and the “Change of Mind” 14-day window will apply, whereby customers will be able to withdraw their cancellation request and retain their cover without going through underwriting again. If customers were to experience a claimable event, they’ll continue to be protected until the end of the change of mind window, or the effective date of the cancellation, whichever is the latest.
Advisers will be able to delete quotes from AdviserHub – individual quotes can be deleted from within the quote itself, or advisers can delete multiple quotes through a bulk delete function on the “retrieve quote” screen.
In other Chubb Life news, AM Best has reaffirmed Chubb Life Insurance New Zealand Limited's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a+” (excellent) with stable outlooks.
More news:
Women in Insurance Summit speakers announced
FMA looking for a Senior Adviser, Insurance