Insurance is top of mind!
With such a rocky start to the year from the 1 in 100 year weather events, the need to be well insured has been well illustrated and remains top of mind for many Kiwis.
However, New Zealanders have a tendency to 'set and forget' when it comes to insurance policies, leading to many being under-insured.
There is an opportunity for players in the insurance sector to engage with Kiwis to address this issue, and to make it simple to understand what their policies cover. Simplification and Consumer Education will be key to winning competitive advantage.
- 91% of New Zealanders 15+ have insurance
- 51% of policyholders are looking to upgrade or take out further insurance
- 152 severe weather events since 1968
- $1.3B worth of claims paid out due to natural disasters between 2017 - 2022
We have identified three key factors shaping the insurance industry:
- 1. Travel chaos - The justification for Travel Insurance has never been higher
- 2. Public Health System in Crisis - Mirroring UK, where half of all Britons are considering health cover due to issues via the public system
- 3. Cost of Living Conundrum - Many are reassessing household expenses which could mean insurance is on the chopping block
To read the full Insurance Insight deck please click here.