Only about 20% of New Zealanders have switched insurance providers in the last two years according to a new survey.
The survey commissioned by the Insurance Council of New Zealand Te Kahui Inihua o Aotearoa (ICNZ) revealed that in the last five years, 34% had switched insurers. This compares with 32% who reported they had never switched.
About 21% of those surveyed routinely shop around when their cover comes up for renewal, compared to 25% who never shop around.
ICNZ chief executive Kris Faafoi said, "The survey shows that a relatively low number of New Zealanders consider switching their insurance provider. We know this is a difficult time for New Zealanders dealing with the cost-of-living and we would encourage people to check out their insurance options.
"Insurance premiums have been affected by a number of factors, some of which are out of our control such as the rising cost of extreme weather events and taxes and levies. Some of those pressures are easing and we are seeing that flow through into premium levels."
The survey found that younger people are more likely to have recently switched, while older people were less likely. Those who have switched in the last 2-5 years were more likely to have been Wellington residents and those on a household income of between NZ$50,000 ($29,820) -NZ$100,000.
Over half of those insured have been in contact with their insurance provider about their cover over the past two years, outside of making a claim. Some 16% had never contacted their insurer.
Mr Faafoi said, "People should also consider shopping around and see what deals are out there. The survey indicates only a fifth routinely shop around compared with a quarter that never do. Keeping in touch with your insurance provider and checking your options regularly can help ensure you have the right level of insurance and peace of mind."