Most Aussies have made sacrifices due to cost-of-living pressures – Zurich
Most Aussies have made sacrifices due to cost-of-living pressures – Zurich | Insurance Business Australia
Insurance News
Most Aussies have made sacrifices due to cost-of-living pressures – Zurich
Insurer launches insurance affordability resource as it shares survey findings
Insurance News
By
Roxanne Libatique
Zurich Financial Services Australia (Zurich) has launched an insurance affordability resource as Australians continue to face cost-of-living pressures driven by inflation and rising interest rates, as demonstrated in the insurer’s annual survey.
Zurich’s recent study, for which 1,000 individuals were independently surveyed, found that over 80% of Australians have made personal, financial, and lifestyle sacrifices over the past year due to cost-of-living pressures.
Other key findings included:
Nine in 10 respondents have been impacted by recent rate rises;
Nearly one in three respondents did not have a financial backup plan;
One in four respondents have little or no confidence in making financial decisions; and
One in five respondents have little or no knowledge of basic financial concepts like insurance.
“Despite experiencing financial pressures, many survey respondents had not downgraded or cancelled their life insurance, demonstrating the value Australians place on insurance and their reluctance to lose the peace of mind it provides,” said Jacqui Lennon, head of retail, Zurich Australia & New Zealand.
Zurich launches insurance affordability resource as over 80% of individuals face cost-of-living pressure sacrifices
In response to the findings, Zurich has launched an insurance affordability resource, which is designed to educate customers on how to control their insurance cover to ease cost-of-living pressures while ensuring they remain covered.
“Using specimen customer case studies, the resource demonstrates how a typical customer may alter their insurance by adjusting their cover, settings, and options; how premiums are paid; their lifestyle choices; or pausing cover altogether,” Lennon said. “As cost-of-living pressures escalate, it’s more important than ever that people feel confident and in control of their financial situation.
“Our new affordability resource is just one way we are supporting customers to gain this confidence so they can ensure their lives and livelihoods remain protected despite the uncertainty of the world around them.”
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