Industry targets SMEs

Industry targets SMEs | Insurance Business

Industry targets SMEs
The Insurance Council of New Zealand (ICNZ) is developing insurance resources specifically aimed at small businesses on the back of statistics that show over a quarter of New Zealand businesses fail to have insurance cover.

ICNZ CEO Tim Grafton said the Council was renewing its partnership with financial capability education experts Young Enterprise Trust to develop its education resources aimed at SMEs.

“Small to medium-sized enterprises are the engine room of the New Zealand economy yet only 1 in 4 businesses are adequately insured,” said Grafton.

“This could pose a significant risk to the economy.

“The value of business insurance proved itself in helping the Canterbury economy through the aftermath of the earthquakes in 2010-11 as over $1 billion was paid out in business interruption insurance after the quakes, providing stimulus to the local economy, keeping jobs open and pay packets full.

“But across New Zealand, 28% of business owners don’t have business insurance.”

The partnership with Young Enterprise forms part of ICNZ’s 3-year financial literacy strategy.

Young Enterprise CEO Terry Shubkin said they were delighted to extend their relationship with ICNZ.

“We see that part of being financially capable is having the skills and knowledge to make the right decision for your own personal situation.

“Understanding the risks we face daily and being aware of the role insurance plays is a key part of this capability.”

The partnership will also result in education resources on home and contents insurance, activities during Money Week in September 2015, support for the public education insurance website Covered and ongoing promotion of resources developed in 2014.