It appears the rising cost of living is negatively colouring consumers’ decisions when it comes to obtaining insurance cover.
Last week, we reported on the results of a survey released by nib that showed almost half the families it spoke with are facing financial stress due to the cost of living.
Its annual State of the Nation Parenting Survey states that 19% of parents are skipping meals to make ends meet, and that it is worse for Māori parents, affecting 26%.
We asked if the cost of living is causing clients to reduce or delay buying cover. So far, 91% say it has and 9% are not sure.
Are more of your clients reducing insurance cover, or delaying buying the cover they need, due to the increasing cost of living?
- Yes (92%)
- Not sure (5%)
- No (3%)
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