The Extent of Underinsurance: New Zealand Evidence

Michael J. Naylor, Claire Matthews, K. S. Birks
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Abstract

It has been a common assumption by the insurance industry world-wide that households are under-insured. We examine new evidence for underinsurance using a comprehensive survey of New Zealand households and full life-cycle needs analysis. This survey is unique internationally in that it also covers total and permanent disability, trauma and income protection insurances, as well as examining underinsurance by household type and ethnicity. We show that analysis of underinsurance needs to be more comprehensive than simple measurement of rates or levels of cover and needs to compare actual coverage levels to adequacy levels. We find no indication that of a crisis in life underinsurance, with rates and levels of life insurance ownership similar to those in the USA and ownership levels correlated to needs for life cover. There is, however, strong evidence that levels of life cover are often poorly chosen, with little relationship between ideal cover and actual cover, indicating household considerations about insurance cover levels are inadequate.
保险不足程度:新西兰证据
全球保险行业普遍认为,家庭保险不足。我们使用新西兰家庭的全面调查和全生命周期需求分析来检查保险不足的新证据。这项调查在国际上是独一无二的,因为它还涵盖了全面和永久残疾、创伤和收入保护保险,并按家庭类型和种族审查了保险不足情况。我们表明,对保险不足的分析需要比简单衡量保险费率或保险水平更全面,需要将实际保险水平与充足水平进行比较。我们没有发现任何迹象表明人寿保险不足的危机,人寿保险所有权的费率和水平与美国相似,所有权水平与人寿保险需求相关。然而,有强有力的证据表明,人寿保险的水平往往选择不当,理想保险和实际保险之间几乎没有关系,表明家庭对保险保险水平的考虑是不充分的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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