New Zealanders and Their Growing Awareness for Income Protection
Australian insurers have been facing the underinsurance issue since long and their counterparts in New Zealand have been experiencing the same ordeal as well. However, according to the results of a latest AC Nielson survey, New Zealanders have started finding income protection cover relatively significant.
Out of the 700 New Zealanders who participated in the survey, 25% seemed to be interested in the income cover protection then as compared to the time when the earthquake had not occurred in Christchurch, during 2010 and 2011.
The transition was more prominent in respondents who were below the age of 25. In fact, 35% of them acknowledged that there is a high probability that they would purchase the income protection insurance.
Despite the fact that a growing majority has become interested in income protection, the growing awareness level has not become conspicuous enough. By the end of June 2012, income protection premiums had managed to reach $263 million and the purchases in the previous 1 year also accounts for this overwhelming result. At the end of June 2011, the figure stood at $252 million though.
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