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.

Kelly O 17/03/2025 Kelly O 17/03/2025

What’s the biggest health claim paid for a procedure?

The health insurance industry has been experiencing a time of rising medical costs, where both volume of claims and inflation have been increasing. We’ve taken a closer look at individual claims values that a few insurers have released recently.

nib regularly publish their top 5 health claims by month. RiskinfoNZ has an article collating historical nib’s top health claims by month here.

nib’s top health claims for January 2025

Treatment Cost Gender Age

Spinal surgery $101,000 Male 16

Cardiac surgery $85,000 Male 46

Cardiac surgery $56,000 Male 70

Cardiac surgery $54,000 Female 70

Digestive surgery $53,000 Male 72

nib’s top health claims for December 2024

Treatment Cost Gender Age

Cardiac surgery $103,000 Male 72

Cancer surgery $102,000 Male 77

Cardiac surgery $93,000 Male 80

Cardiac surgery $88,000 Male 76

Spinal surgery $87,000 Male 48

But these do not top the charts of what we are currently aware. Southern Cross’s most expensive surgical claims were $256,165 for a spinal fusion procedure and $127,191 for a breast reconstruction.

While Partners Life don’t release a similar monthly overview of their top claims, their ‘The story behind our claims’ slideshow highlights their largest single payouts since 2011. The most expensive claims paid out were a whopping $1.6 million+ for Total and Permanent Disability or Income cover; $2.9million +for Life cover; $3.2million + for Trauma cover and $982,000+ for Private Medical Cover.

While the majority of claims won’t cost anywhere near as much, what used to be ample caps of some older medical values don’t seem so rosy in light of recent inflation and surging claims costs. Yet we haven’t seen any insurers coming out and indexing claims caps. We think that’s wrong, and we’ll offer a score boost to the first insurer who offers indexed caps.

What types of claims have you heard of and how did they go? We would love to hear more from you, especially if you are a Quotemonster subscriber, through our adviser claims experience tool (check the side menu when you are next logged in).

More news:

mySolutions webinar 'What got you here, won't get you there' 19 March

Kelly O 11/03/2025 Kelly O 11/03/2025

FSC release latest research report ‘Women and Finance in New Zealand’

The Financial Services Council (FSC) have released their ‘Insights and Trends: Women and finance in New Zealand’ 2025 report. With International Women’s Day being celebrated this month, the report aims to better understand how women and finances interact.

FSC research from December 2021 found that over 80% of female respondents considered their financial wellbeing as moderate to very low, with just under 64% of respondents reporting they worried about money at least monthly. By 2024, 70% of women were reporting worrying about money on a daily or weekly (in comparison, 51% of men reported worrying about money on a daily or weekly basis in 2024).
Despite reported underconfidence, FSC research has found that women are more financially literate than men overall, with 66% of women answering at least 75% of financial trivia questions correct, compared to 57% of men.
Women (61%) are more likely to be in debt than men (43%).
Women are more likely to be working part-time, have full-time home duties or be unemployed (43%) than the equivalent for men (14%).
58% of women say they are not particularly financially prepared or not financially prepared at all for retirement.

Last Year, Te Ara Ahunga Ora Retirement Commission found that the retirement gap between men and women has not improved, remaining fixed at a 25% difference since 2023. FSC CEO Kirk Hope said

"The current KiwiSaver settings disadvantages those who take career breaks, disproportionately affecting women who pause their earnings to care for or start their families.
It’s encouraging to see the Government make steps to start to address this, with those receiving paid parental leave from July 2024 being able to choose to make KiwiSaver contributions, and Inland Revenue making employer contributions of 3%.”

More news:

nib release their top 5 health claims for January 2025

nib announce nib Balance – a new health tool integrated into the my nib app

Arthur J. Gallagher & Co. has acquired RMA General Limited

Shaw Financial Insurance & Investments is merging with Apex Advice

AMP are looking for a Product Lead to join their Retail team

Government agrees to progressively lower the age of eligibility for bowel cancer screening tests to 58

Kelly O 05/03/2025 Kelly O 05/03/2025

nib release launch date for Ultimate Life & Living

nib Ultimate Life & Living will launch on 28 March 2025.

nib Ultimate Life & Living will launch on 28 March 2025. Details of the suite of products were released at nib’s nationwide adviser events last month, and advisers can complete their training and accreditation on the nib Learning Management System using their existing password.

Products available will include:

Ultimate Life Insurance – cover to support a client’s loved ones if they die or are expected to die within the next 24 months;
Ultimate Trauma Insurance – cover that extends beyond the initial diagnosis of a medical condition to support a client and their family’s well-being;
Ultimate Income and Mortgage Protection Insurance – pays a monthly amount if a client is unable to work because of illness or injury;
Ultimate Total & Permanent Disability Insurance – focuses on the financial impact of lasting disability, so clients can rebuild their future with less financial strain;
Ultimate Waiver of Premium – removes the burden of premium payments for a client if they’re disabled, ensuring their Ultimate Life & Living cover remains active.

The full suite of products will be available for comparison on Quotemonster by the end of the month. You can find out about how Ultimate Life and Living works on Quotemonster at our forthcoming roadshows.

More news:

ANZIIF is set to participate in International Women’s Day 2025

nib develops resources to inform people about the health checks they need

Keri Jenkins to leave Wealthpoint

Kelly O 28/02/2025 Kelly O 28/02/2025

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

Kelly O 21/02/2025 Kelly O 21/02/2025

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

Kelly O 05/02/2025 Kelly O 05/02/2025

nib’s A Healthier Approach Launch events run across February

nib is running nib Ultimate Life & Living insurance and nib Balance launch events from 10 February - 3 March.

nib is running nib Ultimate Life & Living insurance and nib Balance launch events from 10 February - 3 March. The events will explore nib’s latest offerings, unveil comprehensive new nib products and insurance products and will feature a keynote speech from renowned psychologist, author and media personality, Nigel Latta.

Tauranga 10 February
Hamilton 11 February
Auckland 12 February
Wellington 14 February
Christchurch 17 February
Timaru 18 February
Dunedin 19 February
Invercargill 20 February
Queenstown 20 February
Auckland Central 24 February
North Shore 24 February
Nelson 25 February
Palmerston North 26 February
Napier 27 February
Whangarei 28 February
New Plymouth 3 March

Quotemonster team members will be at the following venues:

Auckland 12 February
Auckland Central 24 February
Auckland North Shore 24 February
Hamilton 11 February

We look forward to seeing you there.

More news:

Resolution Life has completed its acquisition of Asteron Life

nib’s 12 months free child health cover promotion ends 28 February

nib release their top 5 health claims for December 2024

MAS are looking for a Programme Director

Lifetime Financial Wellness Showcase on 4 February

Kelly O 19/12/2024 Kelly O 19/12/2024

Government announces reforms to strengthen NZ’s capital markets

The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy.

The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy. The Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. These changes are expected to be in place by May 2025.

The Government has also opened consultation on two proposals: enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. Consultation closes 14 February 2025.

The Financial Services Council (FSC) has expressed strong support for enabling KiwiSaver funds to invest in unlisted assets. FSC CEO Kirk Hope said,

“By enabling KiwiSaver investments in unlisted assets, such as infrastructure projects and innovative New Zealand businesses, we can unlock substantial capital for domestic growth.”
“This reform will not only provide Kiwi businesses with much-needed capital to innovate and expand but the opportunity of greater diversification for KiwiSaver.”

Some financial advisers warn that regulators need to get on board with the proposals, however. At a recent event we held in conjunction with the Financial Services Council, advisers asked questions about whether the Financial Markets Authority would be supportive of fund managers choosing to invest more in private assets and infrastructure projects which tend to be illiquid in nature. We think that these are good questions, and the answers will be highly sensitive to the context in each fund: for example, the scale of the investments relative to the total fund size and the liquidity of other assets, and the ages, balances, and probable withdrawal patterns of investing members.

More news:

Fidelity Life discounts on certain exclusions for Trauma covers are live

AIA release updated Working with AIA Guide

AIA webinar 'Webinar - Guide to Medical Conditions' 28 February

More locations offering AIA Vitality Fitness Assessments & Health Checks

Steve Wright dissects a recent FSCL complaint

nib promotion offers $300 woolworths vouchers to eligible applicants

Advice Link has appointed of a new general manager Sébastien Pierre

Tony Vidler writes of the importance of soft skills

Government announces hikes to ACC levies

Chapter Zero discusses experiences from year one of New Zealand's mandatory climate reporting

Significant increase in cyber incidents across New Zealand in Q3 2024

Kelly O 05/12/2024 Kelly O 05/12/2024

The FMA releases Consumer Confidence survey

The Financial Markets Authority (FMA) has released their inaugural Consumer Confidence Survey. The survey combines key questions from previous years’ Investor Confidence Survey and KiwiSaver Statements Survey as well as new questions around key focus areas such as fairness, investment scams and confidence in financial markets

98% of New Zealanders have at least one banking product, with 49% considering at least one banking product in the next 12 months
Savings account ownership is up across all demographics
Credit card ownership has decreased 3% while buy-now-pay-later services are up 5% across all demographics
86% of New Zealanders have at least one insurance product, with the average number of insurance products being 2.5 per person
Younger New Zealanders (18 – 34) generally had fewer insurance products compared to other age groups but were more likely to own pet and health insurance
85% of New Zealanders have at least one investment product, with the average number of different investment products owned being 1.8 per person
KiwiSaver membership is highest amongst Chinese and Pacific ethnicities at 87% and 86% respectively
79% of New Zealanders actively chose their own KiwiSaver fund, with females and those aged 45 – 54 years having lower levels of participation in their choice of fund
KiwiSaver satisfaction levels have improved over the last two years, with 60% of Kiwis being quite/very satisfied
Catalysts for kiwis to consider making changes to their KiwiSaver/other investments include better investment returns from another provider (41%) or if their fees seemed high (39%).

FMA Chief Executive Samantha Barrass said

“The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA. It also helps us to see emerging trends that require our regulatory attention, so that we can focus our efforts on how we can better regulate for all New Zealanders.”

Additional reports will be published in early 2025 on several themes that emerged in the survey findings in 2025, including the experiences of women Māori, and other minority groups with financial markets; the relationship between knowledge of financial markets and confidence; investment scams and their link to confidence and consumer behaviour; the enablers of investment practices; comparative findings on fairness.

More news:

nib release their top 5 health claims for September 2024

AIA campaign offering up to three months off premiums extended to 31 March 2025

AIAHub Resource Hub now available to delegated users

AIA's latest CPI rate is 2.2%

The FSC is gathering feedback on life after licensing

O’Hagan Homes Loans & Insurances has merged with Apex Advice

Banks start New Zealand launch of Confirmation of Payee

Kelly O 11/11/2024 Kelly O 11/11/2024

Fidelity Life announces growth plans

Campbell Mitchell, Fidelity Life Chief Executive, has told delegates at the Engage Conference the company’s intentions to grow to a $1 billion company.

Campbell Mitchell, Fidelity Life Chief Executive, announced the company’s intentions to grow to a $1 billion company in eight years time. Mitchell was speaking to delegates at Fidelity Life’s Engage Conference in Auckland.

Fidelity Life was the fastest growing life insurer in New Zealand in the period ending September 30, with 150% growth in new business year-on-year across the last two quarters.