He also noted that broader inflationary pressures have influenced healthcare costs, with general inflation remaining high in New Zealand during 2023-24. Additionally, constraints in the public healthcare system have contributed to a shift towards private healthcare, further accelerating medical cost inflation.

The Aon report aligns with a 2024 study by the Financial Services Council (FSC) of New Zealand, which examined financial risks related to life and health insurance. It identified rising living costs as a key factor influencing insurance decisions, with affordability being a primary concern. It also highlighted gaps in financial knowledge and preparedness. Nearly 45% of respondents indicated they lacked a clear understanding of the relationship between financial risk and return.