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People Take Out More Insurance In Tough Economic Times

Fuseworks Media
Fuseworks Media

Wellington, Feb 23 NZPA - The uncertain economic times are proving a boon for insurance companies as people take out more life insurance.

Total premiums payable for all categories of life insurance increased 9.4 percent to $1.54 billion in the 12 months to 31 December 2008, according the Investment Savings and Insurance Association (ISI).

Premiums for the risk products rose 11.9 percent, said Vance Arkinstall, chief executive of ISI.

"This growth in life insurance continues the long standing phenomenon that in difficult economic times people seek peace of mind by ensuring they have important protection for their families through life insurance and income protection insurance," said Mr Arkinstall.

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