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Growing Mistrust in New Zealand Insurers Amid Rising Costs
Growing Mistrust in New Zealand Insurers Amid Rising Costs
Recent findings from a Consumer NZ survey highlight increasing skepticism towards insurers in New Zealand, as affordability remains a significant concern for many.
The survey noted that insurance now ranks as the fourth-largest financial pressure among respondents, trailing housing, food, and household debt, marking an upward shift from sixth place last October.
This change has negatively impacted the industry's reputation, with more individuals expressing distrust towards insurers.
Consumer NZ has issued a warning that the situation could deteriorate further unless the insurance sector demonstrates greater value, transparency, and fairness. Insurance, traditionally seen as a safety net, is becoming increasingly inaccessible for many, according to Rebecca Styles, the investigations team leader at Consumer NZ. She indicates that the rising costs and complex policies contribute to this growing mistrust.
A notable 65% of New Zealanders have identified the cost of living as their primary concern, further illustrating the economic challenges faced by consumers. Meanwhile, environmental issues appear to have shifted down the priority list, with only 12% of those surveyed citing climate concerns as one of their top three issues.
Consumer NZ plans to address these concerns further in an upcoming report on the affordability of home and contents insurance, aiming to shed more light on the barriers facing New Zealanders today.
Published:Tuesday, 17th Jun 2025
Source: Paige Estritori
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Knowledgebase
Term Life Insurance:
A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.
A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.