Nadine Tereora, chief executive of Fidelity Life, said the government and its agencies had spent the last decade focused on promoting KiwiSaver, which had been “a huge success”.

“We should make a similar effort with insurance, which is equally vital to ensuring our financial wellbeing. This needs to be a multi-pronged approach to reach young people in schools as well as a campaign to reach workers and families at home,” she said.

“It could include the insurance industry supporting other financial experts and educators in delivering the successful Sorted in Schools programme, to help students understand risk and forward planning, which are also useful in any business career. It would also be great to see the industry collaborate with the Commission for Financial Capability, which was granted $15 million in the recent budget. Why not put some of this towards a campaign that raises awareness about insurance as well as other elements of financial literacy?”

She said, if every New Zealander had insurance, the country would be much healthier.

“We shouldn’t have to rely on charities when accidents or illnesses happen, prioritising our cars over our families. If we’re serious about ensuring New Zealand’s wellbeing, now and in the future, let’s get together and change the attitudes to risk that are holding us back.”

Naomi Ballantyne, managing director of Partners Life, said she wanted the Government o make it compulsory for employers to provide financial education, including about insurance, or to access financial education or advice for their employees int eh same way they had to make KiwiSaver available.