Underinsurance rife in NZ
New Zealanders are taking risks with their futures by ignoring the need to insure adequately, according to local statistics.
An AIG Life survey highlights worrying levels of underinsurance in NZ, with a quarter of those questioned not holding health, income protection or critical illness insurance and half lacking basic life insurance.
ICNZ Finance and Regulation Manager Terry Jordan told insuranceNEWS.com.au the same figures apply to general insurance despite the recent spate of natural disasters.
He says about 10% of homes – mostly in rural areas – are not insured, another 20-25% of people do not have contents insurance, and a similar number lack motor vehicle insurance.
Mr Jordan says the proportion of people who underinsure, particularly with contents insurance, tops 50%.
He says a financial literacy program would help lift awareness of insurance and ICNZ has been lobbying the Government for a similar program to the one introduced into Australian schools this year.
An AIG Life survey highlights worrying levels of underinsurance in NZ, with a quarter of those questioned not holding health, income protection or critical illness insurance and half lacking basic life insurance.
ICNZ Finance and Regulation Manager Terry Jordan told insuranceNEWS.com.au the same figures apply to general insurance despite the recent spate of natural disasters.
He says about 10% of homes – mostly in rural areas – are not insured, another 20-25% of people do not have contents insurance, and a similar number lack motor vehicle insurance.
Mr Jordan says the proportion of people who underinsure, particularly with contents insurance, tops 50%.
He says a financial literacy program would help lift awareness of insurance and ICNZ has been lobbying the Government for a similar program to the one introduced into Australian schools this year.