Sovereign predicting growth
It wrote 23% of new business in the quarter. New player Partners Life came in second place with 15% of all new risk business.
Sovereign's GM Strategy, Government and Insights Rebecca Russell says Sovereign is expecting new business growth of between 4% and 6% this year.
"The market has been relatively flat overall, but we believe this will change. We expect to see growth in the adviser channel in New Zealand over the next two years of around 3% to 5% each year. The Bancassurance channel can expect growth of between 5% and 8%, but we believe this share will be higher as many New Zealand banks have an increased focus on insurance."
Russell says there is also some potential in online sales, but that growth figures are difficult to project as much of the sales from online offerings are reported in adviser sales.
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