Life insurance premiums paid in NZ increased by 6.2% in the year to September, according to the Investment Savings and Insurance Association.

It reported total premiums earned of $NZ1.367 billion ($1.148 billion), while the term life and income protection market was up 8% to $NZ1.145 billion ($961 million).

During the year the NZ life market paid out $NZ799 million ($671 million), of which $NZ406 million (340 million) was in death payments and $NZ207 million ($174 million) in maturities of existing life savings.