NZ concern about natural disasters on the rise: Vero SME Index
The level of concern in New Zealand regarding natural disasters is on the rise with one in five businesses expressing increased apprehension compared to two years ago, a Vero survey has found.
The Vero New Zealand SME Insurance Index also finds that a third of businesses perceive themselves to be at moderate to high risk of being affected by natural disasters.
The report is based on research involving 765 business owners and decision makers, with the survey conducted during April and May this year.
Clients who have had discussions with their brokers about natural disaster risks and impacts are significantly more likely to be satisfied with their insurance experience during a natural disaster incident.
Some 44% of those who had discussed natural disasters were satisfied compared with 7% when the broker had not addressed the potential impacts.
The report also found that SMEs whose broker was involved in their last renewal are more likely to report higher satisfaction levels, and that 86% of businesses would like their brokers to stay updated on changes within their business that could affect their insurance.
In the past year nearly half of all businesses surveyed have made changes to their operations, however, the research also showed that over one in three businesses failed to consider these changes when renewing their insurance.
Vero Acting Chief Customer Officer Paul Gallop says brokers need to have proactive involvement with a customer’s business, as understanding their evolving insurance needs and addressing changes effectively can have a big part in strengthening the relationship as well as contributing to higher satisfaction levels.
“In these uncertain times, the value of and importance of broker advice to SME customers has never been higher,” he said.