In Australia and New Zealand, under-insurance is a challenge in indigenous communities. Part of the solution involves insurers developing a better understanding of their respective cultures.

A research study by Allianz Australia and Aboriginal engagement consultancy Winangali revealed several troubling facts about insurance in the indigenous business space.

Chronically under-insured

Just 21 per cent of indigenous small businesses had general property insurance, for example, compared with 42 per cent of other Australian small businesses.

Sixteen per cent had no insurance cover at all, and for businesses that had been in operation less than four years, that leapt to 23 per cent.

Perhaps most revealing was the fact that while 95 per cent of Aboriginal or Torres Strait Islander small-business owners agreed insurance is a ‘must have’, 50 per cent said there were likely types of insurance they required, or parts of their business that required insuring, that they weren’t aware of.

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