Zurich Financial Services has launched an insurance affordability resource designed to educate customers on how to control their insurance coverage to ease cost-of-living pressures while ensuring they remain protected.
Using specimen customer case studies, the resource demonstrates how a typical customer may alter their insurance.
The resource was developed in response to recent research based on an annual survey of more than 1,000 individuals across the country and conducted independently on behalf of Zurich. Its aim was to uncover the financial pressures Australians face and how they impact their decision-making, attitudes, and overall financial security.
It found that over 80 per cent of Australians have made personal, financial, and lifestyle sacrifices over the past year due to cost-of-living pressures driven by inflation and rising interest rates.
The survey also found that:
- Nine in ten respondents had been impacted by recent rate rises;
- Nearly one in three respondents do not have a financial back-up plan;
- One in four respondents had little or no confidence in making financial decisions; and
- One in five respondents had little or no knowledge of basic financial concepts like insurance.