The launch of the resource follows the findings of Zurich’s annual survey, which highlighted the significant sacrifices made by Australians due to financial strains.
The recent study conducted by Zurich surveyed 1,000 individuals independently and revealed that over 80% of Australians had to make personal, financial, and lifestyle sacrifices over the past year as a result of cost-of-living pressures. Other key findings from the survey include:
- Nine out of 10 respondents were affected by recent interest rate increases.
- Nearly one in three respondents did not have a financial backup plan.
- One in four respondents lacked confidence in making financial decisions.
- One in five respondents had little to no knowledge of basic financial concepts, such as insurance.
Jacqui Lennon, Head of Retail at Zurich Australia & New Zealand, highlighted the significance of the survey results, stating, “Despite facing financial pressures, many survey respondents have not downgraded or cancelled their life insurance. This demonstrates the value Australians place on insurance and their reluctance to lose the peace of mind it provides.”
In light of these findings, Zurich has launched an insurance affordability resource aimed at educating customers on how to manage their insurance coverage to alleviate cost-of-living pressures while ensuring they remain adequately protected.
Lennon explained, “Through specimen customer case studies, the resource illustrates how individuals can adjust their insurance coverage, payment options, lifestyle choices, or even temporarily pause coverage to make it more affordable. As cost-of-living pressures continue to rise, it is crucial that people feel confident and in control of their financial situation.”
She added, “Our new affordability resource is just one way we are supporting customers to gain this confidence so they can safeguard their lives and livelihoods despite the uncertainties of the world around them.”
In addition to the insurance affordability resource, Zurich recently partnered with the Pro Bono Financial Advice Network (PFAN) to offer professional insurance assistance to individuals facing financial crises.
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