And we will continue to use our strong international reputation and connectedness to work with other central banks, international financial institutions, and global regulators to further our understanding and, perhaps even, show leadership in places such as the South Pacific. Collaboration and a long-term vision are critical to growing the wider financial ecosystem that lies beneath the branches of Tāne Mahuta.
At present, the systemically-important banks dominate Tāne Mahuta’s ecosystem. The important insurance sector is also patchy, both in customer coverage and competitiveness. Life insurance, for example, has a low coverage rate across New Zealanders and a high premium-cost compared internationally. Meanwhile, general insurance has better coverage, but the industry is heavily concentrated in the number of providers.