Wellington, Aug 20 NZPA - The insurance industry collected 9.6 percent more in premiums on life insurance policies and 11.9 percent more on risk products in the year to June 30 compared to the previous year.

The industry paid out $425m in claims on the death of individuals and $209m on the maturity of policies and $202m in other benefits.

The industry collected $1.48 billion of premiums for life policies in the year to June 30, up from $1.35b in the previous year.

It collected $1.27b in premiums on risk policies, up from $1.135b.

The market shares held by the major insurance companies were little changed. Sovereign had a 29.4 percent share, AXA 14.4 percent, AMP 13.7 percent, Asteron Life 8.5 percent and AIG 6.2 percent.

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