New Market Study: "Life Insurance in New Zealand, Key Trends and Opportunities to 2016"
The fundamental reason for the under developed life insurance market in New Zealand is the preference for social welfare schemes for benefits that are usually just provided by life insurance companies. These social welfare schemes are provided through universal pensions by the government and the Accident Compensation Corporation (ACC). The low penetration rate of the life insurance segment in New Zealand can also be assessed from the Christchurch earthquake experience, whereby many of the victims were uninsured. The industry is...
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