Insurers pay out $4 million a day to New Zealanders

Are you pondering the ‘insurance question’? Recent data from the Financial Services Council revealed the difference insurance is making to the lives of New Zealanders.

1.49 billion reasons to consider insurance

In the year to 31 March 2020, insurance providers paid out $1.49 billion (or just over $4 million a day) in claims – including life insurance, health, trauma, and income protection.

Financial Services Council, Insurance Spotlight March 2020

“This is a $200 million increase from the previous year and shows that our members are there more than ever before for New Zealanders in their time of need”, said Richard Klipin, Chief Executive Officer of the Financial Services Council.

However, the number of insurance contracts dropped slightly. It’s a “concerning sign”, said Klipin, who pointed out that insurance has a pivotal role in building financial resilience: “Although this annual snapshot largely pre-dates the impact of Covid-19, it reinforces the importance of us all having adequate insurance cover to support us through good times and bad.”

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.