A survey of 952 Maori participants reveals affordability is the strongest barrier to insurance, while distrust, access to information, weather-related risk and product suitability are other key issues.

About 82% of those polled agreed people do not have enough money for premiums, New Zealand’s Financial Markets Authority found.

Maori are consistently less likely to hold insurance than the wider population, and the FMA says the research provides insights into inequities and how to tackle them.

“It is clear that there are problems with the current insurance model for individuals and whanau Maori, and Maori collectives such as collective land and marae holders and governors,” the regulator said.

FMA strategic adviser for Maori Hannah Chapman says insurance is impossible for some to access and hard for others to maintain, and the “issue is not whether insurance is valued”.

About 17% of survey participants experienced problems with insurance in the past two years – almost double the rate found in a similar survey of the general population.

“Current insurance settings do not accommodate whenua Maori and multiple or collective ownership and ways of living,” Ms Chapman said.

“Participants also raised concerns about valuation, replacement costs and whether insurance products adequately reflect actual risk and cultural and intergenerational value.”

See the research here.