Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Plastics are contaminating our bodies
Microplastics, tiny pieces of plastic less than 5mm, and nanoplastics, small enough to cross membranes between cells, are increasingly infiltrating our bodies. Whether it’s tiny particles of your plastic water bottle shedding and being drunk or microbeads used in cosmetics such as body exfoliants making their way inside you, odds are you’re contaminated.
Microplastics are everywhere, having been found everywhere from the deepest parts of the ocean to the Arctic and in everything from shellfish to beer. Now research has found that microplastics and nanoplastics are now contaminating fruits and vegetables as they grow.
Microplastics, tiny pieces of plastic less than 5mm, and nanoplastics, small enough to cross membranes between cells, are increasingly infiltrating our bodies. Whether it’s tiny particles of your plastic water bottle shedding and being drunk or microbeads used in cosmetics such as body exfoliants making their way inside you (thankfully banned in NZ since 2018), or even just breathing them in, odds are you’re contaminated.
Scientists have found microplastics in human blood in almost 80% of people they tested. Microplastics have been found in human tissues, including the lungs. Microplastics have been found in the faeces of babies and adults, with one study showing babies fed from plastic bottles are swallowing millions of microplastic particles a day and have higher microplastic concentrations in their stool than adults. Research has found microplastics present in both the maternal and foetal sides of the placenta and the particles were small enough to be carried in the bloodstream.
The impact on health is not yet known, but concerning findings from other studies show microplastics can damage human cells. Studies on mice have found that lab exposure to microplastics can disrupt the gut microbiome, lead to inflammation, lower sperm quality and testosterone levels, and negatively affect learning and memory.
Plastics contain a range of dangerous pollutants, including polychlorinated biphenyls (PCB’s) – manmade chemicals that have been shown to cause cancer in animals. Some chemicals in plastics like Bisphenol A (BPA) and phthalates have been found to disrupt the endocrine system and the hormones that regulate human growth and development.
Toxic Per- and polyfluoroalkyl substances (PFAS), or ‘forever chemicals’ as they’re sometimes dubbed, have been found in many of the world’s plastic containers and bottles, raising concerns they’re leaking into foods, drinks, personal care products, pharmaceuticals, cleaning products and more. Why are they considered ‘forever chemicals’? Because they do not naturally break down, can accumulate in humans and have been linked to cancer, birth defects, liver disease, thyroid disease, falling sperm counts, kidney disease, decreased immunity and other serious health problems.
PFAS levels in water that was left in a fluorinated container for a year measured at a startling 188,000 parts per trillion (ppt). For context, some states allow as little as 5ppt in drinking water, while public health advocates say anything above 1ppt is dangerous.
Some tips for reducing your exposure to microplastics include: wearing clothes made of natural fibres such as cotton and linen; reducing your use of single-use plastics (think things like buying a reusable water bottle, using tea leaves instead of tea bags, choosing products packaged in glass or cardboard over those in plastic); avoid microwaving your food in plastic – even when it says “microwave safe”; regularly dust and vacuum.
WHO warns loneliness is a pressing global health threat
The World Health Organisation (WHO) has proclaimed that loneliness is a pressing global health threat. The WHO has launched a three-year commission that will attempt to shape global policy by analysing high-risk areas of social isolation and encouraging government to foster new mental health solutions.
The World Health Organisation (WHO) has proclaimed that loneliness is a pressing global health threat. The WHO has launched a three-year commission that will attempt to shape global policy by analysing high-risk areas of social isolation and encouraging government to foster new mental health solutions.
Research shows that social isolation and loneliness can have serious impacts on older people’s physical and mental health, quality of life and longevity. Lonely and socially isolated elderly people are at higher risk of cardiovascular disease, stroke, diabetes, cognitive decline, dementia, depression, anxiety and suicide. Loneliness can have comparable effects on mortality as other risk factors such as smoking, obesity and physical inactivity, with a 2015 meta-analysis found that people with chronic loneliness had a 26% increased risk of mortality. While more often experienced by people of an older age, young people are at risk too, with an estimated 5% to 15% of adolescents experiencing loneliness.
The issues presented by loneliness and social isolation are getting more recognition by those in leadership, with the United Kingdom appointing a ‘loneliness minister’ in 2018 and Japan following suit in 2021.
The WHO suggest a range of individual, community-level and societal-level strategies and interventions that can help reduce social isolation and loneliness. Suggestions range from social skills training and social activity groups at the individual level to improving infrastructure such as transport to creating laws and policies that address social cohesion and socio-economic inequality.
If you’re experiencing loneliness there are a range of organisations that can offer you help.
Wotton + Kearney release 2023 NZ Insurance Market Trends Update
Wotton + Kearney have released their 2023 NZ Insurance Market Trends Update. Of note, it includes updates on:
· increase in director accountability for ESG issues and climate-related financial disclosures;
· how organisations will need to consider how applicable tikanga values should inform their conduct when dealing with employment relationship issues;
· how organisations need rigorous processes in place for restructures and redundancies;
· extensions to Schedule 2 Occupational Diseases;
· changes to the regulation of medicines, medical devices and natural health products;
· the passing of the Therapeutic Products Bill 2023;
· cyber, privacy and data security.
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Cost of living crisis is changing conversations advisers are having with clients
Katrina Shanks writes of the importance of quality financial advice
mySolutions webinar 'Are you maximising your marketing potential' 9am 27 September
27% of 4,120 claims received by IFSO were related to health, life and disability insurance
Lifetime webinar 'Your Homeownership Adventure Begins Here' 7pm 27 September
Man trying to claim pregnancy care on his health insurance policy has complaint turned down by IFSO
Alzheimer’s Society recommends regular exercise to cut dementia risk
Ultra-Processed Foods and their negative impact on health
Ultra-processed foods (UPFs) are getting a (deservedly) bad rap. Often high in fats, sugar and/or salt, they are energy-dense and nutrient-poor. They have generally undergone intense processes (like high-temperature extrusion or hydrogenation) and usually contain food additives and/or industrial ingredients like colours, artificial flavours, emulsifiers and preservatives. If you don’t recognise some of the ingredients on the label as food, then it’s likely to be an UPF. They are manufactured to be cheap, convenient and have a long shelf life.
They’re ubiquitous in our food chains. Walk the aisles of your local supermarket and so much of what is on the shelves can be considered a UPF. They can be foods mistakenly considered healthy (flavoured yoghurts, cereals) to products we all know aren’t good for us (here’s looking at you, fizzy drinks and frozen pizza). Some estimates have found more than half our diet is now composed of UPFs.
During a cost of living crisis, UPFs can often be a cheap, quick way of filling bellies – not everyone can afford to avoid them or has the time to cook meals from scratch every day.
So why should we limit our intake of UPFs?
In a 2020 review of 43 studies on UPF consumption and health outcomes, 37 studies found at least one adverse health outcome. There’s increasing evidence linking UPF intake and chronic conditions, in particular obesity, but also cancer and depressive symptoms. Studies have found that people who consume more UPFs have higher risks of cardiovascular disease, coronary heart disease, and cerebrovascular disease. Studies following large groups have worrying conclusions
2019 BMJ study of more than 105,000 people followed for five years found that for every 10% increase in the amount of ultra-processed foods participants ate, their risk of heart attack or stroke went up by 12%. And another 2019 BMJ study, this one involving almost 20,000 people followed for 10 years on average, found that participants who ate more than four servings of ultra-processed foods per day had a 62% higher risk of dying during the study (from any cause) compared with those who ate two servings per day.
There’s evidence that UPFs are very addictive. They’re engineered to be hyper-palatable so you want to eat more of them. Vast amounts of money are spent by food manufacturers, fine-tuning formulations to find the best taste. Research has found some UPFs can elicit cravings, loss of control and an inability to cut back. There’s also increasing evidence that a diet high in UPFs leads to increased energy intake and weight gain.
Even the packaging can be a concern, with one study finding higher consumers of UPF had higher urinary concentrations of phthalates and bisphenols that may have migrated from the food packaging.
With UPFs being compared to other public health crises like tobacco and opioids, some groups are calling for public health interventions that go beyond education, saying that UPFs meet the criteria requiring regulation – abuse, toxicity, ubiquity and externalities (how does your consumption affect me?).
My pick is we’re going to start seeing more backlash against UPFs as more research showing how bad they are for us comes out.
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Another review of the Credit Contracts and Consumer Finance Act (CCCFA) is to be carried out
Lawsuit against Asteron Life junked by the Court of Appeals
ASB's profit was $1.56 billion in the 12 months to the end of June
Longitudinal study finds overall improvement in financial literacy in young kiwis
The FDA has approved the first pill for treatment of postpartum depression
UK cracks down on ‘finfluencers’
We wrote about financial influencers (‘finfluencers’) in the news recently, and now the UK’s Financial Conduct Authority (FCA) has announced it is taking a tough line on finfluencers and the promotion of financial products and services online.
They point to how consumers are using social media as a go-to source of information which is being reflected in advertising trends. The FCA is currently consulting on financial promotions on social media and they working with the Advertising Standards Authority to educate consumers and influencers about the risks involved in promoting financial products. Of note, they have worked with Big Tech to update advertising policies to only allow financial promotions approved by FCA-authorised firms. It will be interesting to see if the Financial Markets Authority decides to implement any similar initiatives.
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The Co-operative bank share $2.5 million in profits with customers
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Review finds more people waiting at least six hours in emergency departments than a year earlier
New Alzheimer’s drug shown to slow disease progression by 60%
Longitudinal study finds disabled kiwi youth have worse health outcomes than their able-bodied peers
Swiss Re reports on mortality trends
Swiss Re’s latest report, which can be found here - The future of life expectancy: Forecasting long-term mortality trends for insurance, investigates life expectancy trends, developments and medical advancements that have contributed to rising life expectancy and estimates what the future causes of death trends will be.
Stats NZ shows that life expectancy at birth in 1955 was 68 for men and 73 for women. By 2019 that had increased dramatically to 80 for men and 83.5 for women.
Recent drivers of big increases in life expectancies have included improved diagnoses and treatment of cardiovascular disease and people quitting smoking. Since 2010, in many developed areas mortality improvement has slowed or plateaued.
In America, life expectancy has declined in recent periods, due to factors including unequal access to healthcare; high levels of opioid addiction and death rates; societal obesity; and high levels of deaths from violent crimes. Healthcare is so expensive, 28% of Americans said they skipped medical care due to costs, with 42% of uninsured Americans skipping medical care because of costs.
High socioeconomic groups in America generally have higher mortality improvements than the overall population, with continuing divergence in mortality trends between those at either end of the socioeconomic scale.
Socioeconomic status is a major determinant of mortality risk in many mature markets, with the risk of dying inversely proportionate to income levels. Large international studies have shown that individuals of lower socioeconomic status have greater premature mortality than those with high socioeconomic status. Low socioeconomic status is also associated with a 2.1-year reduction in life expectancy between the ages of 40–85.
Although, by comparison with the United States, New Zealanders have good life expectancy, there are many countries where it is higher. We continue to lose many years of life expectancy to treatable conditions. Chatswood examined possible life expectancy gains by comparing death rates for the top ten causes of early death with those in other OECD countries, and identifying the gains that could be made by improving mortality to the level of the average of the OECD and the best in the OECD. A summary of the research is included here. If you would like to obtain a copy of the full mortality improvement report, please contact either Kelly Pulham at kelly@quotemonster.co.nz or Russell Hutchinson Russell.hutchinson@chatswood.co.nz.
The report identifies neurogenerative and aging diseases such as Alzheimer’s to become a more significant cause of death.
The risk factors of dementia are varied, with 40% falling into the range of being potentially modifiable behaviours and activities throughout life (see Figure 10). The remaining 60% of the risk remains unknown, likely comprising genetic factors, as yet unidentified lifestyle factors and other determinants. Higher incidence in future could be influenced by a growing proportion of people with a high BMI leading to Type 2 diabetes, along with air pollutants and consumption of processed foods.
Swiss Re expect lifestyle factors including rising rates of obesity and diabetes to put future life expectancy gains at risk.
The World Obesity Federation estimates that 1 in 5 women and 1 in 7 men will be living with obesity by 2030, equating to one billion people globally. If the US continues on its current trajectory, it would imply that 90% of its population could be overweight or obese by 2042.
They also highlight emerging risks as a future threat to life expectancy, whether through known risks like climate change and antimicrobial resistance or as yet unknown risks such as new diseases or some other development.
Future drivers of improvements in mortality are predicted to be due to advanced cancer diagnostics and the evolution of personalised, precision medicine. Swiss Re write that aging-related and neurodegenerative diseases will likely benefit from improvement in treatments over the next couple of decades. Lifestyle and behaviour modifications to improve nutrition and physical activity could have a substantial impact on diabetes and obesity-related mortality.
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More people expected to delay retirement due to costs of living
The New Zealand Seniors Series: Working Seniors Report has found that a substantial number of New Zealanders may need to delay retirement due to their financial situation.
While the most commonly cited reason to keep working beyond 65 years of age was enjoying working (65%), 61% selected the rising cost of living and 57% chose financial needs as reasons for working past retirement age.
Only 43% of people surveyed felt on track to retire at the age they preferred, with 37% believing they may have to keep working past their preferred retirement age to fund their retirement (up from 23% in 2021) and 20% believing they would not having full control over the age they retire.
74% of people agreed that their home ownership and mortgage status had a great impact on their retirement decisions and 78% thought that being fully retired with mortgage debt was a key concern.
The implications of the pandemic, rising cost of living and looming global recession have meant that 21% of respondents will need to delay their full retirement age slightly and 17% will need to delay their full retirement age considerably.
In December we examined how the market for insurance has changed due to patterns of longer living and longer working. Between 2002 and 2022 the share of 65 to 69 year-olds who are in work rose from just over 20% to 46.5% - a group of nearly 120,000 people. It seems plain that if life is extending, so will working life, and probably the need for cover will continue longer than previously thought.
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Enquiries to the Insurance & Financial Services Ombudsman Scheme break records three months in a row
MBIE planning a new consumer rights and harm prevention campaign
Registrations for Financial Advice NZ’s August Out of the Box tour are now open
Submissions for the ANZIIF New Zealand Insurance Industry Awards are now open
Investment Leaders Forum will be held 30 July - 1 August in Queenstown
Study finds moving for an hour a day can lower the risk of developing diabetes by 74 per cent
FMA files court proceedings against MAS over fair dealing provisions breaches
MAS self-reported that it had multiple failures between 2014 and 2022:
Failure to apply the correct inflation adjustments to 6,297 customers
Failure to apply multi-policy discounts affecting 8,864 customers
Underpayment of life and disability claims affecting 104 customers
Failure to apply no claims bonuses correctly, affecting 1,235 customers
MAS’s failures were due to errors and deficiencies in its systems, including data entry errors by MAS employees. MAS has been co-operating with the FMA through its investigation.
The FMA is seeking a declaration that MAS contravened the FMC Act and a pecuniary penalty.
MAS has rolled out an unclaimed monies register in support of their remediation process to correct pricing and payout errors. While most affected clients have been compensated, the register encourages impacted members who haven’t been contacted to get in touch to receive their refund.
Jason McCracken, MAS chief, has apologised to members.
“As a mutual, MAS takes the trust our Members have in us very seriously and we apologise for the impact these errors have had. We remain committed to finding any issues and making them right.”
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The Retirement Commission launch De-jargoning Money initiative
Liam Mason says there has not been a significant increase in Section 25 notices in recent years
Crombie Lockwood awarded a Human Resources Director New Zealand Employers of Choice award for 2023
Kelly Sullivan appointed as the new national manager of PSC Connect Life NZ Ltd in May
Bowel Cancer NZ encourage you to take part in the ‘move your butt’ challenge this June
Budget includes funding to improve health care in NZ
Budget 2023 contained a raft of new initiatives. Whether you think it is a ‘no frills’ budget, like Labour are positioning it, or a ‘blow-out budget’ like the opposition have dubbed it, here’s some highlights related to health, privacy and FMA spending.
• Budget figures include more than $1 billion to increase health workforce pay rates and boost staff numbers. Hon Dr Ayesha Verrall says the spending will allow for more responsive training pathways, increased recruitment and improved immigration processes to ease workforce shortages. Initiatives to focus on primary and community care to reduce pressure on hospitals and reduce wait lists are included.
• Health spending allows for 500 new nurses to be employed.
• The Budget allocates $20 million to establish outreach services to lift immunisation and screening coverage for Māori and Pacific peoples
• The Office of the Privacy Commissioner receives additional funding in the Budget, for an additional FTE in the Office of the Privacy Commissioner to continue support for agencies in meeting their minimum Privacy Act 2020 obligations.
• The Budget scraps $5 co-payment for prescription medicines from July, welcome news for the more than 135,000 adults did not collect their prescription because of cost in 2021‑22.
• Richard Klipin has welcomed news the government is allocating $19.6 million to match KiwiSaver ‘employer’ contributions to people taking paid parental leave, but is calling for a proper review of KiwiSaver settings.
• In a savings initiative, the Financial Markets Authority is returning $3 million of unspent funding held in the Financial Markets Authority Litigation Fund.
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Link Financial Group's annual conference is being held 14-16 June 2023 in Christchurch
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NZ Consumer Survey finds consumer confidence in laws to protect them has dropped to 53%