NZ life insurance industry paying out $4 million a day in claims

Author
Newstalk ZB,
Section
Audio,
Publish Date
Thursday, 12 September 2019, 2:15PM
Photo / Getty Images

Peace of mind appears to be top of mind for New Zealanders when trying to decide whether or not to take out life insurance.

That is one of the findings of new research commissioned by the Financial Services Council.

Chief executive Richard Klipin told Kate Hawkesby every year the life insurance sector pays out around $4 million a day or $1.47 billion a year in claims.

He says people do get ill and die, so it's important to have a good approach to managing personal risk.

Mr Klipin says insurance products are simple but quite complex in their specific requirements.

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