Roy Morgan paints sobering picture of insurance coverage

Almost one in seven Kiwis (13.5%) now have no insurance whatsoever, up from fewer than 1 in 10 (9.8%) in 2005, the latest data from Roy Morgan Research shows.

The proportion of New Zealanders covered by all types of insurance has been in steady decline. In the 12 months to January 2005, 85.9% had general insurance such as home, vehicle or other property; as of January this year, it is 79.4%. The proportion with life or risk insurance is down from 42.8% to 39.5%.

But private health insurance has suffered the biggest proportional decline over the period, from 1 in 3 Kiwis covered in 2005 to just 1 in 4 at the start of 2014.

Over the period, average annual private health insurance costs have ballooned by over 50%, from $1136 to $1726, costing the average policy-holder almost $600 more per year.