RiskinfoNZ News Wrap for W/E 4 March 2022
Fidelity Life has completed its purchase of Westpac's life insurance business having got the nod from the regulators. The insurer now has a 17% share of the life market in New Zealand.Details of the purchase were first released by Fidelity Life in July 2021 when it said it would acquire Westpac Life from Westpac Group for NZ$400m, and will also into a 15-year life insurance distribution arrangement with Westpac NZ.Fidelity Life’s largest shareholder the NZ Super Fund and new investor Nigh – Tahoo - Ngāi Tahu Holdings will fund the majority of the acquisition.The latest industry snapshot from the FSC shows life insurance covers increased by 92,000 to 4.2 million during 2021.The data snapshot also shows the sector paid out $308 million in claims in the last quarter of 2021 and that 96% of claims made over the same period were paid.We have a new poll running this week asking about your work-related stress levels – cast your vote...Kiwis who act on professional financial advice are better prepared for retirement and more comfortable making big financial decisions than unadvised Kiwis, according to a new report from Financial Advice NZ.Its Better Behaviours report shows that across every age band, advised Kiwis feel they have a better understanding of how much money they will need in retirement.Across the board, quality financial advice has given Kiwis the tools to think about their finances in a pro-active way, says Katrina Shanks.Asteron Life is extending the Best Doctors telehealth service to its customers with trauma recovery and cancer cover.The service, which provides access to an international network of medical specialists and local GPs, is already available to the company’s clients with disability insurance as well as eligible insurance advisers.And staying with best Doctors, AIA NZ is extending the Best Doctors service to financial advisers who have a relationship with the firm.A draft version of the Insurance Contract Bill has been released for consultation by MBIE.If made into law, the bill would introduce a range of changes that MBIE says will make insurance contracts easier to understand and fairer to consumers. However, industry feedback is being sought prior to the draft Bill has its first reading in parliament.The value of locum advisers to help maintain business continuity when a member of the financial adviser team is away will be debated during a financial services council webinar on March 11.Discussing the issues, risks, and solutions will be a panel made up of representatives from insurer Partners Life, law firm Dentons Kensington Swann, and Rose-will Consulting.Financial Advice NZ launched its own financial adviser locum scheme in November last 2021.According to Stats NZ data 1.45 million New Zealanders are paying almost $2 billion a year for private heath insurance. The country’s population sits at 5.2 million. In the last quarter of 2021 more than $386 million was paid out by health insurers, with women aged under 64 having higher value claims than men. From age 65 men claimed more than women during the same period. Hosted on Acast. See acast.com/privacy for more information.