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.
Swiss Re on emerging risk insights
Swiss Re’s SONAR 2025: New emerging risk insights report identifies new or changed risks that could impact on insurers today and in the future.
Swiss Re’s SONAR 2025: New emerging risk insights report identifies new or changed risks that could impact on insurers today and in the future. The report highlights a range of emerging risks, with those most relevant to the life and health insurance sector being: declining consumer trust in institutions and the insurance industry; elevated levels of excess mortality; aging populations; extreme heat events; fungi-adaptations; harm caused by plastics; new technologies in healthcare delivery; rising consumption of ultra-processed foods; workforce gaps and skillset shortages. It’s an interesting read - we’ve picked out some things we think are particularly relevant to the New Zealand market.
With aging populations, fewer and later family formations could lead to less events (such as the birth of a child) that typically spur life insurance purchases.
While NZ is not subject to such extremes of temperature as in other parts of the world, a recent study estimated that 500 children under five are hospitalised for heat-related reasons each year in NZ . Currently 14 heat-related deaths occur in Auckland’s over-65 population annually – with climate change increasing the number of days exceeding 25C, we can expect the number of people dying from heat-related deaths to increase correspondingly.
With fungi adapting to warmer temperatures and the overuse of fungicides leading to more multi-drug-resistant fungal pathogens, there could be an increase in fungal infections and limited medical treatment options for those with fungal infections.
The potential health effects from micro- and nano-plastics and their additives are still being studied, but there is growing research on the negative impacts of plastics on human health.
Swiss Re highlight that innovations like GLP-1 weight-loss medications and the increasing uptake of these drugs should help reduce mortality in the future. Semaglutide (Wegovy/Ozempic) was approved for weight-loss use in New Zealand by Medsafe last month, though it is not Pharmac-funded.
The increasing availability and variety of AI and virtual health services should lead to healthier populations over time, by enabling early detection and preventative interventions. Personalised health monitoring and nudges towards healthier behaviour (a la AIA’s vitality product) will potentially reduce claim frequencies and lead to longer healthspans. Conversely, the digitalisation of medical records and other previously private health information, comes with greater data security and privacy risks.
Research has shown associations between high consumption of ultra-processed foods and elevated health risks, including obesity, type-2 diabetes, depression, cardiovascular disease and cancer.
An aging workforce will contribute to labour and skillset shortages in the healthcare field, which could lead to delays in medical treatment, under-diagnosis and sub-standard levels of care – leading to an increase in morbidity and mortality. Healthcare worker shortages have been in the news regularly in NZ and The Royal NZ College of General Practitioner’s 2022 workforce survey found 64% of specialist GP’s were intending to retire by 2032.
More news:
Fidelity Life roll out this year’s annual product re-accreditation
Financial Advice NZ community of Practice: Central District 17 July
Scheme of Arrangement between Foundation Life and policyholders approved
Russell Hutchinson writes of how insurers could improve awareness
Australian advisers change fee structure, higher revenue and profit
Legal and regulatory update for the life and health insurance sector
Independent review of CoFR underway; RBNZ put out statement around Adrian Orr’s resignation; FMA release new podcast; RBNZ Analytical Note finds that monetary policy affects some parts of the economy differently.
10 June 2025 - An independent review of CoFR is underway. The CoFR review will assess its effectiveness and make recommendations on how to implement a more strategic and purposeful future state. The review will examine CoFR’s structure, governance, and alignment with its statutory purpose. It will also examine similar overseas models and explore ways to improve efficiency and reduce regulatory duplication. A final report is expected in mid-July 2025. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-june-2025.html
12 June 2025 - RBNZ Chair Neil Quigley put out a statement about OIAs on Adrian Orr’s resignation as Governor. https://www.rbnz.govt.nz/hub/news/2025/06/oias-on-adrian-orrs-resignation-as-governor
13 June 2025 - The FMA release Jess Learns to Invest Episode 5: Property Investing with Vanessa Williams. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-5/
16 June 2025 - An RBNZ Analytical Note, Monetary policy affects some parts of the economy differently, has found that sSome services, like household power prices and insurance, are slower to respond to increases in the OCR. https://www.rbnz.govt.nz/hub/news/2025/06/monetary-policy-affects-some-parts-of-the-economy-differently
Asteron Life announce enhancements across Personal and Business Insurance
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products.
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products. All enhancements apply to in-force policies issued after August 2004 and will apply to claimable events from 5 June 2025.
Some of the key enhancements include:
New support benefits. An example is the new Family Member Accommodation & Transport Benefit which offers up to $300/day for accommodation and $2,500 in travel expenses reimbursed to support a family member during treatment.
Life Cover with accelerated Trauma Recovery Cover conversion benefit
Updated definition for major organ transplant, including widening the scope of eligible procedures.
Updated definition for diabetes, including reducing the threshold for claims from two complications to one.
New Rehabilitation and retraining Benefit for Business Insurance customers - increased support of return-to-work efforts by reimbursing rehabilitation and retraining costs.
Increased flexibility to increase cover in line with life or business changes that happen to customers.
More news:
FSC's Empower & Elevate Women in Finance Leadership series, Session 3: Male Allyship is on 22 July
The FMA has said the CoFI regime “is essential” for it
Russell Hutchinson writes of Australians longevity and some of the reasons for it
mySolutions webinar 'Booster - How to give KiwiSaver advice efficiently' is on 11 June
Kiwibank won't charge third parties for standard API requests
Gallagher named Official Insurance Broker for the All Blacks, Black Ferns
NZ consumer confidence dropped in May, with the ANZ-Roy Morgan index falling 5.3 points
Fidelity Life’s customer engagement initiative is back
Fidelity Life have announced details of their Customer Engagement Initiative 2025.
Fidelity Life have announced details of their Customer Engagement Initiative 2025. The programme is designed to recognise advisers for exceptional customer outcomes based on Net Promoter Score (NPS) surveys.
The campaign runs between 1 May and 31 October 2025. The top 45 qualifying advisers will be invited to an exclusive professional development focused forum. While the location of the forum hasn’t been released yet, it will take place in early 2026 and will be hosted by the Fidelity Life leadership team and business managers. Last year, the top 30 advisers attended the forum at Kauri Cliffs in Northland.
The forum will include a range of professional development sessions and deep dive business sessions, and Fidelity Life will share new customer insights from survey results. Attendees will receive a certificate of completion, which can be used as evidence of ongoing professional development.
To qualify, advisers need:
A minimum of 5 survey responses submitted during the programme period
A positive Net promoter score
This year, Fidelity Life have developed personal dashboards, which detail and advisers survey submissions and current overall score.
More news:
Legal and regulatory update for the life and health insurance sector
Updated version of the AML/CFT Audit Guideline published; the Credit Contracts and Consumer Finance Amendment Bill was referred to the Finance and Expenditure Committee; the Financial Markets Conduct Amendment Bill referred to the Finance and Expenditure Committee; the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill referred to the Finance and Expenditure Committee; RBNZ has published a Transitional Standard; RBNZ launch Tara-ā-Umanga Business Expectations Survey; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee; the FMA seeks feedback on their review of 14 class exemption notices; FSC to submit on Financial Markets Conduct Amendment Bill; DIA release guidance on AML.
16 May 2025 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published an updated version of the AML/CFT Audit Guideline. https://www.dia.govt.nz/Updated-AML-CFT-Audit-Guideline-now-available
20 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/6193A33C-40D6-4354-0D5A-08DD6FF875CC?Tab=history
20 May 2025 - The Financial Markets Conduct Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
20 May 2025 - The Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
21 May 2025 - The RBNZ has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. https://www.rbnz.govt.nz/hub/news/2025/05/depositor-compensation-scheme-transitional-provisions-standard-published
21 May 2025 - RBNZ launch Tara-ā-Umanga Business Expectations Survey (BES), with publication of results for the June quarter. https://www.rbnz.govt.nz/statistics/series/economic-indicators/business-expectations-survey
21 May 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/9B141149-011F-4C5F-5319-08DD514ABAA2?Tab=history
22 May 2025 - The FMA is seeking feedback on their review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013 (FMC Act). These notices will expire between December 2025 and November 2026. At the same time, the FMA are reviewing their three class designation notices. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/
23 May 2025 - The Finance and Expenditure Committee is now seeking submissions on the Financial Markets Conduct Amendment Bill. The FSC submission process, including the timetable for feedback and circulation of drafts will soon be available here. https://www.fsc.org.nz/fsc-consults25
23 May 2025 - The Department of Internal Affairs has released new guidance to help organisations assess whether their business is captured under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act). The guidance is intended to help organisations that operate an online marketplace that facilitates payments between customers to determine whether AML/CFT obligations apply — and what steps may be needed to take to comply. https://www.dia.govt.nz/AML-CFT-New-guidance-for-Online-Marketplaces
AIA announce new leadership appointments
AIA have announced two new appointments to their Distribution team. Hannah Anderson has been appointed as Head of Retail Distribution, and Ben McQuay as Head of Corporate Solutions, effective from 28 April 2025.
AIA have announced two new appointments to their Distribution team. Hannah Anderson has been appointed as Head of Retail Distribution, and Ben McQuay as Head of Corporate Solutions, effective from 28 April 2025.
Anderson has been with AIA since 2021, most recently as Regional Sales Manager for the Southern Region. As Head of Retail Distribution, Anderson leads a team of business development managers providing support and strengthening relationships with advisers across New Zealand, within AIA’s IFA, Aligned Advice, and Home Loans distribution channels.
Hannah Anderson, Head of Retail Distribution
Ben McQuay has been with AIA for the last 13 years, most recently as National Sales Manager – Strategic Accounts. As Head of Corporate Solutions, Ben leads AIA’s Group insurance distribution team, supporting long-standing relationships with organisations across New Zealand, while identifying and establishing new opportunities for growth within this important distribution channel.
Ben McQuay, Head of Corporate Solutions
AIA NZ Chief Distribution Officer Angela Busby said
“Hannah and Ben are valued existing members of our AIA NZ team, and I’m very proud to be able to promote some great internal talent with these appointments.”
“They are both highly experienced in business development and relationship management and have a strong track record of delivering great results for our advisers and distribution partners. I know their passion for our industry and their focus on growth will serve them well as they step into these roles.”
In other changes, AIA farewells Head of IFA and Group Distribution, Anna Schubert, and Head of Aligned Advice, Jack Newman.
More news:
FSC release Financial Resilience Index 2025
The Financial Services Council (FSC) have released their latest Financial Resilience Index 2025. Results find that Kiwi are still feeling the financial pinch.
The Financial Services Council (FSC) have released their latest Financial Resilience Index 2025. Results find that Kiwi are still feeling the financial pinch.
Key findings include:
55% of New Zealanders worry about money daily or weekly
Job security is more of a concern, with 80% of respondents feel secure in their current roles, down from 85% in 2024 and 89% in 2023
Only 44% feel financially prepared for retirement, down from 50% in 2024. 20% feel not at all prepared.
Concerns around inflation, housing prices and interest rates have eased slightly across the board
KiwiSaver remains the top investment New Zealanders have, with 81% of Kiwis enrolled. The next most common investments are cash, including term deposits (40%), NZ shares (23%) and managed funds (17%)
Only 44% feel financially prepared for retirement (down 6%)
Self-reported financial literacy continues its downward trend, with only 43% of respondents considering themselves financially literate
More news:
ICNZ publish their annual report for 2024
New research shows 75% of Kiwi want their money invested according to their values
Privacy Week 2025 is coming up
Privacy week runs from 12 - 16 May, and features a range of free webinars that promote privacy awareness.
Privacy Week 2025 runs from 12 – 16 May, with this year’s theme being Privacy on Purpose. You can register for a range of free webinars which span the gamut from AI and Privacy to Māori data privacy.
The timetable of webinars is below.
More news:
Partners Life webinar 'FMA monitoring visit, getting ready to be ready' 8 May
Fidelity Life update Working together guide
FSC members can attend a FMA Special Interest Group Networking Event 7 May
Financial Advice NZ webinar 'Making a Difference: Stories of Impact and Innovation' 30 April
Fintech Festival is on 30 April 2025
Digital Trust Hui Taumata is on 12 August
New Zealand’s annual inflation rose slightly to 2.5% in the March quarter
nib research finds more adults are staying on top of essential health screenings
Recent nib research has found that more adults are staying on top of essential health screenings, but costs remain a barrier.
Recent nib research has found that more adults are staying on top of essential health screenings, but costs remain a barrier. The research was carried out in February 2025 and surveyed 1,010 Kiwi, building on the last survey conducted in December 2023. Some of the key findings include:
An increasing number of adults are keeping up with necessary health screenings - up to date with eye checks (45% up from 43%), dental check-ups (36% up from 35%), and heart health screenings (31% up from 28%).
30% believe their health is better than their peers, up from 25% in 2023.
Financial concerns are increasingly preventing Kiwi adults from accessing health checks, with 36% citing cost as a barrier (up from 29%).
80% of those with health insurance are committed to health screening checks (vs 72% overall).
More parents feel clear about which screening checks their children need (72% up from 58% in 2023).
More parents believe an annual health check is essential for their children (84% up from 75% in 2023).
More children are staying up to date with common screening tests - hearing checks (54% up from 48%), dental check-ups (66% up from 55%), eye checks (57% up from 50%) and general health exams (59% up from 57%).
Rob Hennin, Chief Executive Officer at nib New Zealand, said
“Proactive health screenings can be lifesaving and it’s really encouraging to see that Kiwi are taking the reins when it comes to their wellbeing. It’s clear to see that accessibility and cost issues continue to be barriers.”
More news:
Jason Gunn announced as new AIA Vitality Ambassador
Gallagher introduce new fundraising initiative, Gallagher Club Kickback
Partners Life go live with “no signature required” for majority of policy administration processes
mySolutions roadshows run across May in Hamilton, Wellington, Christchurch and Auckland
mySolutions webinar 'Exclusive Small Business Group Health' is on 23 April
Financial Advice NZ are holding an Ethics Workshop on 8 May
TAP webinar 'Ready to see TAP in action?' 8 May
Westpac launches a pilot for a basic transactional bank account
Product changes at Chubb Life
Chubb Life introduce a Moderate Trauma Cover option, make enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers and change underlying premium rates.
Chubb Life have introduced a Moderate Trauma Cover option under Assurance Extra. Offering coverage for the same critical illness conditions, it is a more affordable alternative to Trauma Cover. Moderate Trauma Cover requires a higher level of severity to be met on 11 of the more common conditions to be eligible to claim. Customers have the option to take Moderate Trauma on its own or mix and match their cover level across both Trauma and Moderate Trauma Covers. They’ll also have the option to take out Continuous Trauma on both covers.
Chubb have also made enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers. Assurance Extra Trauma Covers have added a Newborn Children’s Benefit, Complimentary Children's Benefit conversion enhancement and added a feature allowing policyholders to convert Trauma Cover to Moderate Trauma Cover. Assurance Extra Business policies have had to Age 65 and to Age 70 level premium review periods added and the payment term options have been extended to include a two-year payment term for Replacement Labour.
Chubb Life has made changes to the underlying premium rates on their Specific Injury Cover under Assurance Extra, Assurance Extra Business, Business Assurance and Agribusiness Extra. The new underlying rates come into effect on 8 May 2025 and will see the average Specific Injury premium increase by $3.10 per month depending on gender, occupation and cover level.
They have also updated their non-medical codes and associated limits – reducing the number of medical code categories and removing several mandatory testing requirements, and making some improvements to limits.
Chubb Life have also extended their 15% Lifetime Reward and 2 months’ free cover for new policies or cover increases under an existing eligible policy until 31 March 2026.
More news:
Rob Hennin to step down as nib CEO
Steve Wright writes of how advisers need a mindset change away
Naomi Ballantyne to lead TAP's inaugural Women in Advice event