Business insurance – Band H Lock Tue, 19 Oct 2021 20:15:52 +0000 en-US hourly 1 Business insurance – Band H Lock 32 32 Facebook settles charges of employment discrimination Tue, 19 Oct 2021 19:54:28 +0000

Facebook Inc. will pay up to $ 14.25 million to resolve a US Department of Justice lawsuit that accused the social media company of dissuading American workers from applying for certain positions in favor of foreign candidates, it said. Tuesday the ministry.

Separately, the US Department of Labor said it had reached a related settlement with the company.

The DOJ said the settlement resolves a December 2020 lawsuit that alleged that from at least January 1, 2018 until at least September 18, 2019, Facebook regularly reserved jobs for temporary visa holders through the “permanent work certificate program. “. Critics said visa law made it too easy to replace American workers with cheaper foreign workers.

The lawsuit alleged that contrary to its standard recruiting practices, Facebook’s recruiting methods were designed to deter American workers from applying for certain positions, such as requiring that applications be submitted by mail only, refusing to consider workers. Americans who applied for the positions and only hire temporary visa holders.

The department accused the company of deliberately discriminating against American workers based on their citizenship or immigrant status in violation of immigration and nationality law.

The prize consists of a civil fine of $ 4.75 million and up to $ 9.5 million to be paid to eligible victims of Facebook’s alleged discrimination, the department said.

Facebook did not respond to a request for comment.

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Slemp Brant Saunders Insurance Agency offers comprehensive insurance for small businesses in Wytheville and Abingdon, VA Mon, 18 Oct 2021 15:52:28 +0000

Slemp Brant Saunders insurance agency offers premium insurance plans for small businesses.

This press release was originally issued by Release the thread

Marion, Virginia – (Release the thread) – 10/18/2021 – Slemp Brant Saunders Insurance Agency is a well-established company that offers a wide range of insurance coverage options for families and businesses in Southwest Virginia. With them, people can easily invest in affordable plans for auto, business, agriculture and auto insurance in Chilhowie and Wytheville, Virginia.

While all business owners should invest in business risk management solutions, sometimes such coverage can seem overly complicated. From insuring their business against fire to employee injuries, it often seems that the myriad of risks are far too great to identify when trying to purchase business insurance. To simplify this process, one can always invest in a Business Owners Package policy, commonly known as a “BOP”. This package contains most of the types of coverage options that small businesses need. A basic plan would cover business property protection for building and contents and liability insurance protection. Even though BOP plans are not standard and their details may differ from insurer to insurer, they do have some common elements. Most of these plans provide business income and additional expense protection after an insured loss. Be among the reliable small business insurance providers in Wytheville and Abingdon, Virginia, Slemp Brant Saunders Insurance Agency can be the perfect source to invest in a BOP plan.

Slemp Brant Saunders Insurance Agency also offers premium commercial property insurance to its business customers. These plans cover the business building as well as the business owned content. When it comes to these insurance policies, “property” can include various types of structures and items such as computers, servers and electronics, as well as money and valuables. .

Contact Slemp Brant Saunders Insurance Agency at 276-783-5146 to better understand insurance coverage options.

About Slemp Brant Saunders Insurance Agency
Slemp Brant Saunders Insurance Agency has been providing insurance solutions to people in Marion, Glade Spring, Abingdon, Wytheville, Chilhowie, Bristol and surrounding areas for many years.

For more information on this press release, visit:

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Term or whole life insurance: which one is right for you? Fri, 15 Oct 2021 20:50:20 +0000

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Term life insurance and whole life insurance offer predictable benefits in the event of death, but they are very different financial products. (iStock)

If you have a family to support your family, you might want to consider life insurance as a way to protect it in the event of death. Life insurance pays a certain amount of money to your spouse, children or other beneficiaries when you die.

Term life insurance and whole life insurance are two common types of life insurance with many similarities but also key differences in the way you pay and the length of policies. When shopping for life insurance, it’s important to know the difference before you make your decision. Learn more about both types so you can choose the type of life insurance that’s right for your needs.

Credible allows you to compare life insurance rates through its partner, Policygenius.

Term or whole life insurance: what’s the difference?

A term life insurance policy lasts for a number of years and pays a benefit to your family if you die during that time. Whole life insurance also pays a death benefit and lasts a lifetime, but costs significantly more.

What is term life insurance?

Term life insurance is also called “pure insurance” because it works strictly like an insurance policy. The term is for a defined period of time – 10, 20 or 30 years, for example, or until an insured reaches a specific age. As long as you pay your monthly premiums, your beneficiaries receive the death benefit if you die within that time. You usually have the option of renewing your policy when you reach the end of the term.

Term insurance is cheaper than whole life insurance policies, although the costs will vary depending on your age and health when you buy the policy. For a healthy 40-year-old, the premium can cost anywhere from $ 60 to $ 70 per month for a benefit of $ 1 million.

What is whole life insurance?

Whole life insurance is much more complicated. This type of contract covers you with a specific death benefit until your death, regardless of your age.

Your premiums are paid into a type of savings account that is invested by the insurance company. As you pay, the cash value of your account increases. You may be able to borrow against this security, although you may lose your advantage if you don’t repay the loan. Unlike term life insurance, once you’ve created a cash value, you can get that value back from the policy if you terminate your entire life insurance policy.

Whole life insurance is much more expensive than term life insurance. That same 40-year-old man in the example above would pay $ 1,000 to $ 1,300 per month for a whole life policy with a benefit of $ 1 million.

You can use Policygenius, a credible partner, to shop around and compare life insurance rates.

Term or whole life insurance: advantages and disadvantages

When you evaluate the two types of life insurance, consider their advantages and disadvantages.

Term life insurance


  • Lower cost – Term life insurance is significantly cheaper than whole life insurance for the same death benefit. You may be able to purchase an amount of coverage that you could not afford with a whole life policy.
  • Renewable – You may be able to renew your policy at the end of the term to maintain coverage. If you still want insurance after 20 years, for example, you may be able to renew it for another 20 years.
  • Predictable profit – Your benefit stays the same throughout, so you know exactly how much your beneficiaries would receive if you died. If you buy a policy with a $ 1 million benefit, you know that’s what your family will get as long as you continue to pay the premiums on your policy.

The inconvenients

  • Costs can increase – Your premiums can increase considerably when you renew at an older age. The 20-year policy you buy at 30 is likely to be cheaper than a 20-year policy that renews at 50.
  • No monetary value – If you cancel your policy or do not pay your premiums, you will not receive any refund. At the end of the contract, there is no accumulated savings.
  • Coverage ends – If you die after your term life insurance expires, your family will not receive any benefits.

Whole life insurance


  • Lifetime coverage – Your coverage lasts your entire life, as long as you pay your premiums. If you die at the age of 100, your family will still receive a benefit if you are up to date on your policy.
  • Surrender value – Your whole life insurance policy has an increasing value over time against which you can borrow. You can also get back the cash value of the contract if you cancel your contract. In addition, you can receive dividends on your investment which you can use to pay your premiums or for any other expense.
  • Predictable profit – Your benefit will remain the same for the duration of your policy. A policy with a benefit of $ 1 million will pay that amount whether you die at age 40 or age 90.

The inconvenients

  • Higher cost – Whole life insurance is several times more expensive for the same benefit. These higher premiums mean you may not be able to purchase as much coverage. You may be able to afford a benefit of $ 1 million with term life insurance, but only $ 250,000 with a whole life policy, for example.
  • More risks involved – Whole life insurance is a more complex product and you could lose your coverage if you do not follow the rules on cash value loans or other provisions. You might also be tempted by the possibility of borrowing under your policy and have financial problems.
  • Low growth rate – If you are using whole life insurance as an investment, you may be disappointed with the returns and slow growth in the cash value of your policy.

Term or whole life insurance: how to choose

Consider these factors when choosing between term life insurance and whole life insurance:

  • Fees and premiums – Take a look at the monthly premiums and any other fees you will need to pay for either type of insurance and see if they fit your budget.
  • Payments – The death benefit is a crucial aspect of life insurance. Make sure you have enough coverage to take care of your family in the event of your death.
  • Surrender value – If you are weighing whole life insurance, pay attention to how the cash value is calculated and how much you might have access to.

When to consider term life insurance

  • You are a young and healthy person who wants to protect their family during their first few years of work at a lower cost.
  • Your financial goal is to pay off your mortgage or pay for your child’s college education.
  • You’re on a budget but still want coverage.
  • You prefer to invest your money with more flexibility and higher returns.

When to consider whole life insurance

  • You want a policy that will cover your entire life.
  • You want to make an investment that will grow over time.
  • You have dependents that you want to care for your whole life, such as a child with a disability.
  • You have a large amount of money to spend on life insurance coverage.

When you’re ready to purchase life insurance, use credible partner Policygenius to compare life insurance prices in minutes.

Other types of life insurance to consider

A term life insurance policy and whole life insurance are not your only choices. Here are other types of permanent life insurance you might want to consider:

  • Universal life insurance – This type of insurance is more flexible and allows you to adjust your premium payments once you reach a certain level of cash value in your account. Your investment grows at a rate similar to that of a money market account. This is also known as adjustable life insurance and can come in handy if your financial situation changes.
  • Indexed universal life insurance – These policies grow at a rate linked to a certain market index, such as the Dow Jones Industrial Average or the S&P 500. The rate you receive will likely be lower than the actual movement of the index.
  • Variable life insurance – Variable life insurance allows you to choose how your premiums are invested, but the death benefit and cash value of your policy may change depending on the performance of your investments.

When comparing the many types of life insurance available, you may want to consider working with a financial advisor or an insurance agent from a life insurance company to help you determine which type of policy is best for you. your financial needs. Also, remember that you are not tied to just one type of life insurance. You may be able to convert a font type to a new font as you get older.

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NM Insurance boss Lyndon Turner’s balancing act Fri, 15 Oct 2021 19:36:54 +0000

The first big steps in the post-COVID world are imminent.

“I think some of the main concerns are probably about how the assets and liabilities of our niche spaces are going to be affected in this next phase of slowing COVID impacts,” said Lyndon Turner (pictured), CEO of NM Insurance .

NM Insurance operates in Australia and New Zealand and specializes in marine, motorcycle, caravan and freight insurance.

“What [slowing of COVID impacts] effect on the use, as well as on the return to normal life of the staff? So this is where we see the challenges that lie ahead, ”he said.

Read more : COVID-19 could bring the insurance industry into a new era

The pandemic radically changed the way customers could use their insured assets. COVID and the closures have meant jet skis, boat trailers, yachts and cruisers could sit dormant for months. As a result, Turner said, the frequency of complaints has dropped.

“However, we still need a level of maintenance attached to these assets, because they require it as a maintained asset. The question is, how does normalcy return to people using these assets, and when will it happen in different states across the country? ” he said.

Regardless of the federal government’s plans, COVID-19 has brought out something of a US attitude to state rights in Australia. NSW appears likely to follow the federal lead on opening borders and easing restrictions. The position of other states is less certain.

“So when it comes to managing a portfolio the size that we are in this space, it’s about seeing what the new standard is when it comes to coming back to life and being able to come down to. the sailor and go get a sail or use the boat, ”Turner said.

The CEO of NM Insurance – like many other leaders in the insurance industry – is currently riding two strategies to adapt to the transition from the old locked world to newly reclaimed freedoms.

“We’re sort of alternating strategies in this portfolio to make sure we can still protect clients, of course, but also to understand what these developments are as life gets back to normal.”

In the last two years of the pandemic, Turner said, NM Insurance has seen healthy growth thanks to Australians changing their discretionary spending habits.

“Bicycles and caravans have seen very strong sales momentum due to a shift in discretionary spending in these assets locally. “

Unable to spend money on travel, Australians turned to renovating their homes. Or, it seems, buy boats and jet skis.

“What that means is a high level of demand, but the question is, is there enough stock to meet that demand as well?” This is something that we are looking closely at through our strong partnerships with manufacturers, ”he said.

The issues NM Insurance faces in this transition to a post-COVID world are facing the insurance industry in Australia and around the world. According to Isabelle Santenac, insurance leader at Ernst & Young Global, the insurance sector is facing “a truly unique moment” in its history.

“The fundamental disruption caused by the COVID-19 pandemic is an opportunity for the industry to rebuild itself in accordance with new societal realities and market needs,” Santenac said in Ernst & Young’s. Global Insurance Outlook 2021.

Luckily, NM Insurance did just that and renamed this month.

Read more : NM Insurance relaunches on the market

“The branding was born from a strategic dive in depth,” said Turner. It was an eight month trip that culminated with the official launch this month.

“There is no specific reason for the timing of October 1, but it leads us to what is traditionally a period of high volume activity for our leisure property insurance on our motorcycles, caravans and pleasure boats. . “

Turner said the brand’s relaunch was intended to represent his company’s reputation in the industry for “passionate insurance expertise.”

He said his company’s message is now more focused on customers and business partners.

“It was just the right time for our company to revisit our message and our corporate brand. “

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KPMG “liar” in defense against Silentnight fine: Tribunal Thu, 14 Oct 2021 19:52:53 +0000

(Reuters) – KPMG mounted a ‘falsehood’ defense when it sought to reduce a fine imposed for its conflict of interest in the sale of UK bedmaker Silentnight in 2011, the accounting watchdog said on Wednesday British.

KPMG, one of the Big Four global accounting firms, found itself in a conflict of interest when it acted as an advisor to both Silentnight and the US private equity firm HIG Capital which had sought to buy out the British company.

In August, the Financial Reporting Council announced that it had fined KPMG £ 13 million ($ 17.7 million), the highest imposed on an accounting firm in an unaudited case, while its partner David Costley- Wood was fined 500,000 pounds.

In an independent court in June, KPMG asked for a fine of no more than £ 5 million.

On Wednesday, the FRC released the court report on how it determined the level of the fine and the case in general.

“For the first time, the court ruled that a defendant had advanced a false defense,” the FRC said in a statement.

The FRC had argued that Mr Costley-Wood, who was no longer at KPMG, contributed to a “platform on fire” strategy to drag Silentnight into an insolvency process to help HIG acquire the company. without the burden of pension obligations.

“We consider that the defense put forward by Mr. Costley-Wood with respect to the burning platform was a construct invented by him to aid in his defense,” the court said.

Mr Costley-Wood made no comment, his law firm Linklaters said.

The FRC said the respondents have a right to defend themselves, but said that making a defense that a respondent knew to be false risked undermining the regulatory system and exacerbating the initial flaws.

KPMG said the report was “hard to read” and said it accepted the findings and regretted that the professional standards expected of its partners were not met in this case.

“We no longer provide insolvency services and we have significantly improved our broader controls and processes since this work was carried out in 2010,” KPMG UK CEO Jon Holt said in a statement.

KPMG will carefully consider the court’s findings to learn from them, Mr Holt said.

KPMG is also under investigation by the FRC for its role in auditing the collapsed carmaker Carillion, and any fine in this case would also likely be heavy.

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Texas vaccine mandate ban could cause uncertainty Wed, 13 Oct 2021 16:07:50 +0000

(Reuters) – Texas Governor Greg Abbott’s ban on COVID-19 vaccine warrants will likely be replaced by the Biden administration’s plan to require injections for workers, but dueling rules could take months to be resolved in court, creating uncertainty for employers with business in the state.

The Republican governor on Monday signed an executive order prohibiting private employers and other entities from imposing COVID-19 vaccination warrants, which he said threatened an economic recovery by disrupting the workforce.

Some large employers are betting that federal law and President Joe Biden’s vaccine mandates will trump Abbott’s executive order.

Texas-based Southwest Airlines Co. and American Airlines said Tuesday they would go ahead with plans to meet the Dec. 8 deadline for federal contractors to vaccinate their employees.

“Companies recognize that they have to comply with one or the other but not both, and the Texas order is more likely to be overturned than the federal order,” said Steve Cave, an attorney. of King & Spalding specializing in government contracts.

The supremacy clause of the US Constitution prohibits states from interfering with applicable federal laws.

Mr. Abbott’s order states that “no entity in Texas” may require proof of vaccination from an individual, including employees or customers. Failure to comply could result in a fine of $ 1,000, although Mr. Abbott did not specify how the order would be enforced.

The Biden administration announced a plan on September 9 that will require about 100 million American workers to get vaccinated or undergo weekly tests. Many plans have not yet been detailed and do not yet have the force of law.

Mr Biden issued the warrant as his administration struggled to control the pandemic, which has killed more than 700,000 Americans. Critics of the mandates see them as unconstitutional and authoritarian, but supporters see them as necessary to pull the country out of the nearly two-year pandemic and return to normalcy.

Companies could choose to test Mr Abbott’s order by imposing warrants and, if fined, challenge the fine in court.

The companies would likely argue that they were complying with Mr Biden’s mandate, and legal precedents argue that federal law trumps state law in the event of a conflict, experts have said.

“This is going to turn into a fight over who has supremacy over the other and there is a chicken game between Governor Abbott and the Biden administration,” Mr. Cave said.

Florida provides an example of how this could play out.

Norwegian Cruise Line Holdings Ltd. won a legal battle in August against a Florida law prohibiting it from requiring customers to show proof of vaccination, which the cruise line said it must do to comply with federal regulations. health. The judge called the company’s argument “compelling.”

However, employers could face obstacles in the case of Texas.

Much of Biden’s vaccination plan relies on emergency workplace safety rules soon to be released by the Occupational Safety and Health Administration.

Once these rules were written, 24 state attorneys general pledged to fight them.

Some legal experts have suggested that the OSHA rule could be blocked if the challengers can prove that the government cannot prove that there is a national “grave danger” as required by law.

If the OSHA rule is court-bound or found to be invalid, it might be more difficult to argue that federal law should prevail over Mr. Abbott’s order.

Given the uncertainty, companies may try to comply with both orders.

Kevin Troutman, a lawyer in the Houston office of Fisher Phillips, who represents employers, said companies could allow employees to opt out of vaccines if they undergo weekly tests, which the Biden administration says could be an alternative to vaccination.

“This could make the option of testing something that more employers want to consider and implement more broadly,” he said. “It takes more planning and attention, and it creates more headaches.”

Vaccine law scholar and author Brian Dean Abramson questioned whether Texas would actually enforce the warrant ban by suing employers. But he said the threat was likely enough for most companies to take action.

“The employer will be able to have to thread the needle to establish a vaccination policy that does not go against what Abbott demands and what the Biden administration demands,” he said. he declares. “But in the end, federal law will be supreme.”

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BUSINESS ACHIEVEMENTS: Matt Beavers, First Mid Insurance Group | Achievements Sat, 09 Oct 2021 14:00:00 +0000

George Halas is forever “Papa Bear”, the man who founded the Chicago Bears as the Decatur Staleys in 1920.

Corporate teams, especially baseball, were common in the early part of the 20th century, as wealthy owners sought prestige for their businesses. AE Staley Sr. was no exception, but he also had his eye on a new sport: soccer. Halas moved to Decatur and lived at 280 W. William St., according to the city street directory.

On September 17, 1920, the Staleys, with Halas as their representative, joined the American Professional Football Association, which was renamed the National Football League in 1922. The franchise fee was $ 100 ($ 1,225 in today’s money ‘hui). The Bears are now worth $ 2.7 billion, according to Forbes.

From the start, Halas’ side, for which he was also a player, proved formidable. Representing Decatur in sister cities in the Midwest like Akron, Rock Island, Dayton and Canton, the team went 10-1-2. The Staleys’ first game on October 3, 1920, was a 20-0 victory over the Moline Universal Tractors at Decatur.

In 1921, the team moved to Chicago, keeping the Staleys name for a year before becoming the Bears in 1922.

Halas served the Bears as owner, player, coach, general manager, traveling secretary, and in virtually every other function imaginable from 1920 until his death in 1983.

When he retired after the 1967 season, he ranked as the all-time leader in coaching wins with 324, a record that spanned 27 years. He won eight NFL championships and his beloved Bears won Super Bowl XX after the 1985 season.

Halas is inducted into the Professional Football Hall of Fame in Canton, but it all started for him and the Chicago Bears with AE Staley Mfg. Co. in the Pride of the Prairie, Decatur.

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Insurance Business America reveals Rising Stars 2021 Fri, 08 Oct 2021 14:27:59 +0000

There is nothing more exciting than new talent bringing new ideas, innovation and energetic enthusiasm to a traditional industry like insurance.

This is why here is America Insurance Business, We are proud to unveil our annual Rising Stars, which celebrates 69 young professionals from across the country who have gone the extra mile for their clients, colleagues, organizations and the insurance industry as a whole.

From June 2021, ZICO invited insurance professionals from across the country to nominate their most outstanding young talents to the annual Rising Stars list. Applicants had to be 35 years of age or younger (as of June 1, 2021) and demonstrate a clear commitment and passion for the insurance industry. Only those who were not previously recognized as ZICO Rising Star (or Young Gun) were considered.

Read the full report, for free, now: Find out who made the 2021 Rising Stars list.

Candidates were asked about their current role, their main accomplishments, their career goals and the contributions they have made to the evolution of the industry. Recommendations from seasoned managers and industry professionals have also been taken into account.

The final list of 69 Rising Stars was determined by an independent panel of industry leaders, including: Deborah S. Morris, Verisk; Owie Lei Agbontaen, Sompo Global Risk Solutions; Rodney Johnson, Gallagher; Tiara Morris, Automotive State; and Veronica Kuyoth, Nationwide E&S / Specialty.

So who made the list? Among this year’s selection:

You can read their stories by clicking on one of the links above.

To find out who else was named one of the Insurance business in America‘s Rising Stars 2021, click to read the full report, for free, now.

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Volumes soar at the counter of HDFC Life Insurance Company Ltd Thu, 07 Oct 2021 05:30:00 +0000

HDFC Life Insurance Company Ltd recorded 7.87 lakh share volume at 10:50 am IST on BSE, an 11.01-fold increase over the two-week average daily volume of 71,549 shares.

Other stocks seeing higher volumes on BSE today, October 07, 2021 are New India Assurance Company Ltd, Alkem Laboratories Ltd, Sobha Ltd, Bandhan Bank Ltd.

HDFC Life Insurance Company Ltd recorded 7.87 lakh share volume at 10:50 am IST on BSE, an 11.01-fold increase over the two-week average daily volume of 71,549 shares. The stock lost 0.54% to Rs. 721.70. Volumes amounted to 51,338 shares in the last session.

New India Assurance Company Ltd recorded a volume of 1.19 lakh of shares at 10:50 am IST on BSE, a 5.49-fold increase over the two-week average daily volume of 21,737 shares. The stock gained 4.31% to Rs.170.65. Volumes amounted to 10,023 shares in the last session.

Alkem Laboratories Ltd recorded a volume of 15,845 shares at 10:50 am IST on BSE, an increase of 4.08 times over the two-week average daily volume of 3,880 shares. The share rose 0.00% to Rs 3,934.40. Volumes rose to 2,226 shares in the last trading session.

Sobha Ltd recorded a 1.11 lakh share volume at 10:50 IST on BSE, a 3.96-fold increase over the two-week average daily volume of 27,972 shares. The stock gained 11.32% to Rs.844.35. Volumes amounted to 20,599 shares in the last trading session.

Bandhan Bank Ltd recorded a volume of 8.85 lakh shares at 10:50 am IST on BSE, a 3.78-fold increase over the two-week average daily volume of 2.34 lakh shares. The share rose 3.97% to Rs 317.85. Volumes stood at 5.05 lakh shares in the last session.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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How to solve the problem of underinsurance in New Zealand? Wed, 06 Oct 2021 19:35:12 +0000

New Zealand was ranked as the second riskiest country in the world in a 2018 Lloyd’s of London study, and ICNZ chief executive Tim Grafton said it was encouraging to see a high level insurance penetration across the country, but that people still underestimated the cost of replacing their assets and sustaining their income in the event of death or disaster, which could make them very vulnerable.

Meanwhile, a Massey University study showed that about 54% of Kiwis have insufficient levels of life insurance, and at least half would experience a 40% drop in income due to a underinsurance if the main economic support were to die.

Read more: New Zealand’s death protection gap set to widen

Swiss Re New Zealand Life and Health Manager Kresh Wright said when it comes to perceptions of insurance, many Kiwis don’t think about coverage at all, or feel like they would be helped by their friends and family – something that has given New Zealand one of the highest death protection gaps in the Asia-Pacific region.

“There are a lot of households in New Zealand that are racking up a lot of debt, but have not yet reached the stage where they think about insurance and building wealth,” Wright said.

“On the perceptual side of things, New Zealanders also seem to be very similar to Australians in that they think they can rely on government, other public funds, and family and friends for come to the rescue if they experience a mortality shock or loss event. These kinds of perceptions are less strong in some of the other Asian markets like Japan, Singapore, and Hong Kong, so they tend to have more coverage. “

“I think this is a really huge opportunity for New Zealand insurers to get involved, and I know a lot of our clients have this high on their list,” she explained.

“They really want to think about how they can reach more New Zealanders, and education is key here. I think insurers, along with government and other industry bodies, can help increase that level of education and awareness. “

Wright said the “good news” on insurance is also important. She noted that the majority of the public only sees insurance in the news when a claim has been denied, or if an insurer runs into legal or financial problems – which has long contributed to a poor and unreliable image of the industry. .

Read more: The level of underinsurance for D&O liability is “worrying” – ICNZ

For Swiss Re, Wright said the focus is going to be on education through advisors and digital channels – two channels that clients have increasingly embraced in recent years.

“I think it’s really important that we start releasing some of the ‘good’ insurance news,” Wright said.

“We hear a lot about bad news, but there are thousands of stories from the opposite side, and if more Kiwis could hear them, I think they could better understand the benefits of insurance and increase their confidence in We need to make it clear that insurance is a smart way to protect you and your family from some of these shock events. “

“Something that we ourselves are looking at very closely are the different channels for contacting and communicating with consumers,” she said.

“New Zealand has always been an advisor-centric, but we’re definitely looking at more digital channels and ‘omnichannels’, which are a combination of online and human interactions. “

“We want Kiwis to have the information they need to make good decisions about their insurance, and our previous studies have shown that they are actually very open to receiving them and going through the online application processes,” Wright concluded.

“So we really want to take this path, in addition to having simpler products. We think these two things could really make a big difference.

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