Exciting news! Our government has recently announced a significant step towards the recovery efforts in Hawkes Bay with a substantial $941 million fund dedicated to assisting the region after the devastating impact of the recent Cyclone.
Now, the question remains: How do we, as NZInc, engage and motivate the general public to insure their properties adequately, ensuring the collective prosperity of our nation?
Andy Thomson, Construction Cost Consultants
Upon initial reflection, this funding initiative appears to be a fantastic development. However, let’s delve deeper into the details. It’s important to recognize that a substantial portion of this funding is coming from the circa $4 billion derived from insurance claims and the money coming from overseas, effectively contributing to our economy. This financial injection comes from taxes, such as GST and income tax, that we all contribute as responsible citizens.
Yet, there lies a larger underlying concern. Studies have revealed that over 85% of properties are currently under insured by approximately 50%. Addressing this issue becomes crucial, if we were insured for the correct sum our income could have been an estimated $7 billion from overseas sources, effectively doubling the boost to our economy. Encouraging everyone to pay the correct premiums and insure their properties for their accurate value could significantly alleviate the concerns of re-insurers and insurance companies while simultaneously benefiting NZInc as a whole.
Now, the question remains: How do we, as NZInc, engage and motivate the general public to insure their properties adequately, ensuring the collective prosperity of our nation?
Let’s rally together and explore innovative strategies that promote awareness, education, and collaboration. By fostering a culture of responsible insurance coverage, we can safeguard our communities, strengthen our economy, and create a brighter future for all.
#CycloneRecovery #BuildingResilience #TogetherStronger
