Over the past few weeks, there has been much said and written about by insurance companies, banks selling insurance, online insurance providers and others about "The People Insurance Gap"- or, the level of under-insurance in New Zealand.
Much has been said about WHY our nation has been slow to take up insurance, compared with other developed countries.
A study conducted by Dr Michael Naylor and associates from the School of Economics and Finance at Massey University, has set the cat amongst the pigeons by stating that our nation is under insured...
Statistics - damn statistics ... As said by many before, statistics can be 'manipulated' to achieve any number of outcomes. This study was commissioned by the Financial Services Council of New Zealand, with the express purpose of investigating the extent and degree of under insurance against personal risk.
The outcome of this research suggests that New Zealand has the third lowest penetration of insurance among 31 OECD countries. Whilst the debate around these results will wage on for years to come, it is my experience that there is considerable 'apathy' towards insurance by our nation, in general.
For those of you who wish to read a little more about this research, herewith a link to the report.
In support of the rationale behind WHY New Zealander's decline taking cover, providers have put forward facts supporting WHY we should be considering Life Cover, Trauma Cover and Disability Cover. Herewith a short video from ONE PATH, which covers some of their statistics around payments made, but also around REAL reasons why we should be talking to a Financial Adviser about protecting our families against RISK ...
- One Path - Faced Facts