Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.

We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.

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New Zealanders continue to have a low uptake of personal insurance

New Zealander’s low uptake of insurance is in the news again, with Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance.

New Zealander’s low uptake of insurance is in the news again, with Advice First’s Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance. Moala considers the kiwi ‘she’ll be right’ attitude, a distrust of insurance companies, price, and the mistaken belief that ACC will cover people in more instances than it actually does, all lead to people failing to get adequate insurance cover.

Last year the Financial Services Council’s Money & You: Managing Risk Through Challenging Times research found that only 41% of respondents had life insurance, 39% had health/medical insurance, 23% had trauma/critical illness insurance and18% had total and permanent disability insurance.

With the Government’s announcement that financial education will be embedded in the curriculum for Year 1 – 10 students, starting from next year, we can only hope this will help change attitudes around the importance of insurance, and in the longer-term help improve NZ’s underinvestment in insurance.

 

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