Zurich releases affordability case study

Yasmine Raso

Senior Journalist, Financial Newswire

22 June 2023

Zurich Financial Services Australia has launched an online insurance affordability resource to inform and educate customers about how to manage insurance cover alongside rising cost-of-living pressures.

The resource involves customer case studies that show how members can adjust their insurance cover through different settings and options to suit their finances better, including how premiums are paid, their lifestyle choices or pausing their cover altogether.

The resource’s launch follows recently released research commissioned by Zurich of 1,000 Australians that found over 80 per cent have made personal, financial and lifestyle sacrifices in the last 12 months as a result of cost-of-living challenges amid inflation and increasing interest rates.

The survey also revealed 90 per cent of respondents had been affected by rate rises, close to one-third said they do not have a financial back up plan, 25 per cent believe they have low confidence when it comes to making financial decisions, and one in five respondents have limited knowledge of basic financial concepts like insurance.

“Despite experiencing financial pressures, many survey respondents had not downgraded or cancelled their life insurance, demonstrating the value Australians place on insurance and their reluctance to lose the peace of mind it provides,” Jacqui Lennon, Head of Retail, Zurich Australia & New Zealand, said.

“As cost-of-living pressures escalate, it’s more important than ever that people feel confident and in control of their financial situation.

“Our new affordability resource is just one way we are supporting customers to gain this confidence so they can ensure their lives and livelihoods remain protected despite the uncertainty of the world around them.”