Cyclone Gabrielle was one of a number of recent events prompting people to talk about their financial security, Richard Klipin says. Photo: RNZ / Finn Blackwell
More people are rethinking their financial backup plans after the recent severe weather in the North Island and ahead of a looming economic downturn.
New research from the Financial Services Council shows 76 percent of the 2030 people surveyed were rethinking their financial risks after the recent extreme weather events.
Of those, 29 percent had spoken about their finances with their family and 16 percent were actively reviewing their financial situation.
The number of people taking out insurance was also up, with an increased number of people saying they had life, income protection or health insurance.
Financial Services Council chief executive Richard Klipin said the rise in insurance likely reflected the recent economic uncertainty.
"Pandemics, cost of living crises and cyclones are - sometimes quite literally - the rainy days that prompts us to think about how we protect ourselves when things go wrong," he said.
"If there's a silver lining to the past few years, it's that these events are starting more conversations in households and encouraging New Zealanders to take steps to manage their financial wellbeing."
Klipin said pay outs for life and health insurance remained high last year, with $1.06 billion paid out in life insurance claims and $1.41b paid out in health insurance.