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Zurich launches insurance affordability resource in response to cost-of-living pressures


21 June 2023

Zurich Financial Services Australia (Zurich) today released new research demonstrating, among other findings, that more than 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 research, based on an annual survey of more than 1,000 individuals across the country, was conducted independently on behalf of Zurich to uncover the financial pressures facing Australians and the impacts on their decision making, attitudes and overall financial security.

In addition, the survey found that:

  • Nine in ten respondents have been impacted by recent rate rises;
  • Nearly one in three respondents do not have a financial backup plan;
  • One in four respondents have little or no confidence in making financial decisions; and
  • One in five respondents have little or no knowledge of basic financial concepts like insurance.


In response to the findings, Zurich has launched an insurance affordability resource designed to educate customers on how they can control their insurance cover to ease cost-of-living pressures whilst ensuring they remain protected.

Jacqui Lennon, Head of Retail, Zurich Australia & New Zealand said, “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.”

Using specimen customer case studies, the resource demonstrates how a typical customer may alter their insurance by adjusting their cover, settings and options, how premiums are paid, their lifestyle choices, or pausing cover altogether.

“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,” said Ms Lennon.

For more information, visit zurich.com.au/life-insurance/affordability


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Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.