Insurers want public education

Nadine Tereora, chief executive of Fidelity Life, said the government and its agencies had spent the last decade focused on promoting KiwiSaver, which had been “a huge success”.

“We should make a similar effort with insurance, which is equally vital to ensuring our financial wellbeing. This needs to be a multi-pronged approach to reach young people in schools as well as a campaign to reach workers and families at home,” she said.

“It could include the insurance industry supporting other financial experts and educators in delivering the successful Sorted in Schools programme, to help students understand risk and forward planning, which are also useful in any business career. It would also be great to see the industry collaborate with the Commission for Financial Capability, which was granted $15 million in the recent budget. Why not put some of this towards a campaign that raises awareness about insurance as well as other elements of financial literacy?”

She said, if every New Zealander had insurance, the country would be much healthier.