One in Five Kiwis Switched Insurance Providers in the Past Two Years, Survey Finds

One in five or 20% of Kiwis have switched insurance providers in the last two years, with this figure rising to 34% over the past five years, a recent survey commissioned by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) has found.

This is in contrast to the 32% who said they had never switched.

Approximately 21% of respondents regularly compare options when their coverage is up for renewal, whereas 25% never do.

“We know this is a difficult time for New Zealanders dealing with the cost of living, and we would encourage people to check out their insurance options,” ICNZ chief executive Kris Faafoi said.

“Insurance premiums have been affected by a number of factors, some of which are out of our control, such as the rising cost of extreme weather events and taxes and levies. Some of those pressures are easing, and we are seeing that flow through into premium levels.”

“People should also consider shopping around and see what deals are out there. The survey indicates only a fifth routinely shop around compared with a quarter than never do.”

Meanwhile, 41% of respondents reported that they regularly review their policy wording when updating their insurance, while around 8% admitted to never reading it.

“We are encouraged by the number of people reading their policy wording, and we’d like to see that rise further. It’s important to know that you are adequately covered and also to know what is not included in your coverage.”

“Kiwi’s value the protection that insurance offers to keep themselves and their property safe when the unexpected happens, and that’s reflected in the comparatively high level of coverage in New Zealand compared with other countries.”

Kris Faafoi also encouraged Kiwis to stay in regular contact with their respective insurance providers and check options regularly. Doing so can help ensure they have the appropriate level of coverage and peace of mind.