Selected Press Coverage

The Global Reality of the Income Protection Gap

22nd December 2017 by Gary Shaughnessy, Cover

A new report from Zurich has revealed some worrying numbers on the extent of the income protection gap in both the UK and around the world. Gary Shaughnessy takes a closer look at some of the findings. In partnership with Smith School - University of Oxford, Zurich has published a report Embracing the income protection gaps challenge: options and solutions, which sets out recommendations for tackling gaps in income and putting in place a financial safety net for people unable to work through illness or injury.

UAE Insurance Industry has Room to Grow

17th December 2017 | Khaleej Times

There is strong potential for insurance companies to grow in the untapped income protection segment as majority of UAE residents have no such plans in place. According to the report 'Income protection gaps in the UAE' released by Zurich Insurance and Smith School of Enterprise and the Environment, about 75 per cent of expatriates don't have income protection plans in place in case of illness, incapacity or premature death.

Zurich International Life Recommends You 'Mind the Gap'

3rd December 2017 | Biz Bahrain

Zurich Insurance Group (Zurich), in collaboration with the Smith School of Enterprise and the Environment at the University of Oxford, has published a new report, Embracing the income protection gaps challenge: options and solutions. An income gap is the reduction in household income as a consequence of the loss or incapacitation of an adult wage earner upon whom the household relies, taking all public and private income replacement in to account. The global insurer encourages consumers to ask the question, if you lost your ability to work, how long would your savings last?

Zurich International Life Warns Consumers to 'mind the gap', Citing Research

27th November 2017 | International Investment

Zurich International Life is urging consumers to become aware of the dangers of having a so-called "protection gap", citing recent research it carried out which found that 75% of expats living in the United Arab Emirates have no provision in place to protect them in the event of illness, incapacity or premature death. Of those respondents who said they do have some form of income-protecting insurance, the researchers said, "72% received this coverage from their employer". The life insurance arm of the Swiss Zurich Insurance Group said it carried out the research in partnership with the Smith School of Enterprise and the Environment at the University of Oxford.

Majority of Expats Living in UAE have no Income Protection

27th November 2017 | International Adviser

The Income Gap Protection study undertaken by the Smith School of Enterprise and the Environment with Zurich Insurance has found that 75% of expats living in the United Arab Emirates do not have protection against loss of income as a result of illness, incapacity or premature death.

47% Prefer Better Benefits Package to Higher Wage

6th July 2016, by Katie Scott, Employee Benefits

Just under half (47%) of UK respondents would prefer to have a better benefits package which included income protection than accept higher wages, according to research by Zurich and the Smith School of Enterprise and the Environment. The 2016 Income protection gaps: challenge and opportunity report, which surveyed 11,000 people from 11 different countries, also found that only 19% of UK respondents claim to have good knowledge of income protection products.

Bridging the Income Protection Gap

Focus Malaysia

EVERY household has a primary breadwinner whose income supports and feeds each member of the family. What if something happens to that person? What if an accident renders him disabled, or causes his death? What happens to the family after the breadwinner passes away or is permanently disabled? The Income Protection Gap (IPG) mostly refers to situations such as these which essentially cause a "reduction in household income as a consequence of the death or incapacitation of an adult wage earner on whom the household relies", as defined by insurance group Zurich.

Financial Literacy the Bridge for Income Protection Gap

17th November 2017 | Financial Standard

Classroom-style financial education programs in the workplace and hands-on practice and counselling can play a significant role in closing the income protection gap.

Top Income Protection Recommendations to be Build a More Resilient Future

12th October 2017 | Employee Benefits

Listen to Gary Shaughnessy's recommendations on how governments, employers and insurers can work together to close these income gaps.

How Insurers, Employers Can Help Close Income Gap in U.S.: Zurich Insurance Research

13th October 2017 | Insurance Journal

Public/private partnerships between governments, companies and insurers can help ease income gaps that burden millions of Americans, according to new research from Zurich Insurance Group and the University of Oxford. Financial education is one key to securing personal financial security.

Under-Informed = Under-Insured

August 2017 | Bates/Cosgrove Wealth Management

Large numbers of Australians could find themselves struggling not only with emotional distress but also with the financial challenges associated with the major life events, according to a recent report. Financial Advisor Tony Bates explores what this means for you. Almost 50% of Australians have experienced income loss due to serious illness during their professional life, yet just over a quarter are insured against trauma, illness or disability. And scarier still, this is despite the fact that almost one-third of survey respondents said they have less than one month's savings to use in such an event. A recent survey from Zurich in partnership with Oxford University warns of Australia's 'income protection gap', referring to the mismatch between an individual's need for income protection and their actual cover.

72% of UAE Families Unprotected Against Income Gaps

14th December 2016, Dubai MENA Herald

Zurich Insurance Group (Zurich), the global insurer and the Smith School of Enterprise and Environment at the University of Oxford have issued the results of a recent study on 'income protection gaps' (IPGs), based on a survey of over 11,000 respondents in 11 countries, shedding new light on income protection gaps globally, including the UAE.

Australians Among Most Financially Illiterate in the World: Zurich

5th August 2016 | IFA (Independent Financial Advisor)

Australia is one of the most underinsured and financially illiterate nations in the developed world, with advisers having a "critical role to play", new research by Zurich has revealed. According to the 2016 Income Protection Gap report - conducted by Zurich in partnership with Oxford University and which surveyed 11,000 individuals across 11 selected countries - Australians are considered underinsured, financially illiterate, over-confident and unrealistic regarding income protection costs and government support.

3. Australians Among Most Financially Illiterate in the World: Zurich

5th August 2016 | Independent Financial Advisor

Australia is one of the most underinsured and financially illiterate nations in the developed world, with advisers having a "critical role to play", new research by Zurich has revealed. According to the 2016 Income Protection Gap report - conducted by Zurich in partnership with Oxford University and which surveyed 11,000 individuals across 11 selected countries - Australians are considered underinsured, financially illiterate, over-confident and unrealistic regarding income protection costs and government support.

47% Prefer Better Benefits Package to Higher Wage

6th July 2016, by Katie Scott, Employee Benefits

Just under half (47%) of UK respondents would prefer to have a better benefits package which included income protection than accept higher wages, according to research by Zurich and the Smith School of Enterprise and the Environment. The 2016 Income protection gaps: challenge and opportunity report, which surveyed 11,000 people from 11 different countries, also found that only 19% of UK respondents claim to have good knowledge of income protection products.