This article on stuff.co.nz by Richard Meadows points out just how underinsured Kiwis are. New Zealand spends 2.8 per cent of GDP on insurance, compared to the OECD average of 8.4 per cent.
The article breaks it down into each category and shows the following figures for each:
- Home: 98% coverage
- Vehicle: 96% coverage
- Life: 57-60% coverage
- Health: 29% coverage
- Income Protection: 15-20% coverage
Meadows interviews Dr. Michael Naylor, Peter Neilson (FSC Head), and Darrin Bull who runs strategy for Sovereign.
Well worth a read.