We know the cost of insurance premiums is rising, but Interest.co.nz wants to get a better idea of just how much.
Official data confirms insurance costs are rising fast. The Insurance Council releases data – on a very delayed basis – that shows Gross Written Premiums (what customers pay) rose almost 11% in 2022 from 2021.
Statistic New Zealand’s Consumer Price Index (CPI) data shows insurance generally up 11.9% in the year ended December 2023.
Although this data is useful, it’s also out of date.
While the official data confirms the rapid rise in costs, detailed information about specific types of insurance, such as car, contents, and home insurance, remains scarce.
We also know that understanding one’s insurance needs requires significant effort.
This often leads individuals to rely on insurance brokers, who are ostensibly free but are ultimately paid by insurers – meaning there will always be that nagging feeling they don't ‘really’ work for you.
We understand a proper insurance decision needs to primarily focus on coverage, not the premium cost. But as households are suffering from increased premium costs right now, we want to start there.
This means, during March 2024, we are running a first crack at seeing if we can pry open some meaningful detail that is actionable on the household kitchen table.
We’re asking readers to help us paint a better picture of what insurance costs look like for you right now through our first reader survey.
Our aim for the survey is to provide actionable insights into insurance premiums, starting with car/vehicle insurance.
We want to see if we can address that lack of consumer-related information and we’re keen to hear which insurers charge what, where, and by how much premiums are increasing for readers.
In the survey, we are asking readers just about price/premium information. Interest.co.nz can find the information needed about the coverage/conditions/policy details to round out the reporting on the issue.
No personal identifying details are required or collected – we neither need or want to know your name or address, for example.
If this survey gives us useful results, we plan to conduct this project annually, expanding coverage to other insurance products.
The survey will remain open throughout March 2024, with results analyzed in April and reported in May.
Your contribution matters. You can take the survey here. (Opens in a new window.) We would love it if you can share the survey among friends and family.
Interest.co.nz is committed to providing unbiased information to empower consumers in their insurance decisions.
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