A recent survey commissioned by the Insurance Council of New Zealand (ICNZ) has found that only about 20% of New Zealanders have switched insurance providers in the past two years. Over the last five years, 34% of respondents reported having changed insurers, while 32% said they had never switched.
The survey also revealed that 21% of participants regularly shop around when their insurance policy comes up for renewal, while 25% never explore other options.
ICNZ chief executive Kris Faafoi commented on the findings, stating, “The survey shows that a relatively low number of New Zealanders consider switching their insurance provider. We recognize that this is a challenging time for many due to the cost of living, and we encourage people to review their insurance options.”
Faafoi noted that while insurance premiums have been impacted by external factors like extreme weather events and taxes, some of these pressures are starting to ease, leading to more favorable premium levels.
The survey also highlighted generational differences in switching behaviors. Younger individuals were more likely to have switched insurers, whereas older New Zealanders tended to stay with the same provider. Additionally, those residing in Wellington and households earning between NZ$50,000 and NZ$100,000 were more likely to have switched providers within the last two to five years.
More than half of the respondents have reached out to their insurance provider about their coverage in the past two years, aside from making claims. However, 16% of respondents reported never having contacted their insurer.
Faafoi emphasized the importance of staying proactive with insurance, stating, “People should also consider shopping around and exploring available deals. The survey indicates that only a fifth of New Zealanders routinely shop around, while a quarter never do. Regularly reviewing your coverage can ensure you have the right insurance and peace of mind.”
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