The Financial Services Council has backed the Reserve Bank of New Zealand (RBNZ)’s report blasting life insurers for providing “poor value for money” – emphasising that the sector “could do better.”
The central bank’s latest overview of the life insurance sector, written by Jinny Leong and Adrian Allott, questioned whether policyholders are getting value for money and found that life insurers have higher costs, are driven by high commission rates, pay out less in claims, and have less solvency capital.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.