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Zurich Insurance affordability resource in response to cost-of-living pressures

22 Jun 2023
From

Jacqui Lennon

Zurich Financial Services Australia (Zurich) has released new research demonstrating, among other findings, that more than 80 per cent of Australians have made personal, financial and lifestyle sacrifices over the past year due to cost-of-living pressures driven by inflation and rising interest rates.

The research, based on an annual survey of more than 1,000 individuals across the country, was conducted independently on behalf of Zurich to uncover the financial pressures facing Australians and the impacts on their decision making, attitudes and overall financial security.

In addition, the survey found that:

  • nine in ten respondents have been impacted by recent rate rises
  • nearly one in three respondents do not have a financial black up 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.

In response to the findings, Zurich has launched an insurance affordability resource designed to educate customers on how they can control their insurance cover to ease cost-of-living pressures whilst ensuring they remain protected.

Jacqui Lennon, Head of Retail, Zurich Australia & New Zealand said, “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.”

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.

“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,” said Ms Lennon.

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