Ex-AIA boss joins consulting firm to tackle life insurance challenges in ANZ
New partner brings over 25 years of life and health insurance experience in APAC
NMG Consulting has announced that Sam Tremethick will join the company as a partner, taking charge of insights and analytics studies for the life insurance market in Australia and New Zealand.
Tremethick (pictured) brings over 25 years of experience in life and health insurance, having held senior roles at AIA across multiple regions, including Australia, New Zealand, and Asia. His leadership at AIA covered areas such as distribution, product development, and new business services.
NMG Consulting’s ANZ appointment
According to NMG Consulting, Tremethick’s appointment is intended to strengthen the firm’s delivery of data-driven insights and advisory services to help insurers in the region navigate market challenges and drive growth.
This leadership change comes at a time when the life insurance sectors in both Australia and New Zealand are facing difficulties related to consumer engagement and accessibility of financial advice.
Australians favour car insurance over life cover
A survey commissioned by the Council of Australian Life Insurers (CALI) highlighted significant disparities in Australians’ insurance preferences.
While 79% of respondents reported having motor vehicle insurance, only 34% held life insurance, indicating that income protection remains a lower priority for many.
The study, involving more than 5,000 working Australians, also pointed to gaps in access to financial advice. CALI chief executive Christine Cupitt described the findings as part of a broader challenge for the industry.
“The advice accessibility crisis in this country is leaving far too many people underinsured and unprotected when it comes to their future financial security,” she said.
Key trends by age group
Ages 55 to 64: 90% hold car insurance, 82% have home or contents cover, and 29% have life insurance.
Ages 35 to 54: 84% hold car insurance, 69% have home or contents insurance, and 38% carry life cover.
Ages 18 to 34: 68% hold car insurance, 45% have home or contents insurance, and 32% carry life insurance.
The findings suggest Australians prioritise insuring tangible assets like vehicles and homes over financial protection for income-earning potential.
With cost-of-living pressures mounting, many individuals reported being more likely to reduce or cancel life insurance policies before cutting expenses on motor vehicle or home coverage.
New Zealand faces life and health insurance challenges
Rising living expenses are shaping insurance trends in New Zealand, according to a report by the Financial Services Council (FSC). The study found that 41% of respondents had life insurance, while 39% reported holding health insurance.
Despite the relatively low uptake, over 90% of policyholders said they felt their insurance provided good value. However, the report also revealed that many New Zealanders remain financially unprepared for unexpected risks.
The report highlighted gaps in understanding financial risks and preparedness for income loss. It found that nearly half of respondents were unclear about the relationship between financial risk and return.
Kirk Hope, FSC chief executive, said the findings underscored the need for better education and accessibility in the insurance market.
“The findings highlight an urgent need for greater financial education around risk management, alongside efforts to remove barriers that prevent employers from offering insurance as part of employee remuneration packages,” he said.
