Richmond Insurance Brokers

Why Tasman and Richmond residents should work with financial advisers from Policywise

Richmond sits at the heart of the Tasman District—one of New Zealand's fastest-growing districts by census population growth rate, nestled between Tasman Bay to the north, the Waimea Plains to the south, and the foothills of Kahurangi National Park to the west.

As of June 2025, the Tasman District is home to approximately 59,900 people, with around 19,950 living in Richmond.

Across the district, you will find horticulture, orchard, forestry, timber, seafood and aquaculture workers, construction tradespeople, retail and hospitality workers, healthcare professionals, teachers, and small business owners.

Many live and work in industries tied to seasonal cycles, physical demands, or rural and semi-rural conditions.

How does the economy look in the Tasman District?

The Tasman District has a productive regional economy, anchored in primary industries and food processing.

GDP and output

GDP in the Tasman District was $3,586.6 million in the year to March 2025, up 0.8% from the previous year. Around $1,336.7 million was generated in Richmond, which has experienced 4.8% GDP growth over the past ten years.

One major contributor to GDP growth is the export market. Total exports from the Tasman District were $1,095.8 million in 2023. The three highest-earning export industries were:

• Horticulture and fruit growing: $375.5 million
• Wood product manufacturing: $148.4 million
• Seafood processing: $138.7 million.

A total of 7,899 business units were recorded in the Tasman District in February 2025. These crossed diverse industries and contributed to a massive percentage of employment.

Source: Infometrics

Source: Tasman District Council

The physical and seasonal nature of industries like horticulture, forestry, and seafood means income can fluctuate. For business owners and the self-employed, income depends entirely on the capacity to keep working. Unexpected illness or injury can have serious financial consequences.

Employment and wages

The Tasman District has a declining labour market. The most recent Regional Economic Activity report shows a dramatic dip in employment rates from 2024 to 2026.

Employment rate in Tasman District over recent years:

Source: Regional Economic Activity Web Tool

Richmond also experienced a 0.6% decline in the employment rate in 2025 compared to 2024.

Many experts are now seeing momentum gaining for the Nelson-Tasman economy; however, for many Tasman District and Richmond households, income is stretched tightly across competing costs: mortgage or rent repayments, transport (the region is largely car-dependent), food, and utilities.

Housing costs

Housing is one of the highest ongoing costs for Tasman District residents.

The 2023 Census counted 25,755 dwellings across the Tasman District, with 7,956 based in Richmond. Tasman has one of the highest home ownership rates of all territorial authorities in New Zealand, with 77.4% of households owning or holding their home in a family trust.

Across Richmond and Tasman District, the mean weekly rent is seeing new highs each year. This reflects continued demand for rental properties in a growing district.

Here’s the 2023 to early 2026 comparison:

Source: Regional Economic Activity Web Tool

Subsequently, the rent affordability rate is declining across Tasman, with the rent-to-income proportion dropping from 25.7% in 2023 to 24% in early 2026.

Source: Infometrics

At these levels, losing income can quickly affect your ability to:

• Pay your mortgage or rent
• Cover household bills and daily costs
• Support your family.

Your income is one of your most valuable assets. How can you protect it?

How income and mortgage protection insurance help

If you cannot work due to illness or injury, income protection and mortgage protection insurance help keep things stable, providing regular payments while you recover.

Key benefits:

• Replace a portion of your income
• Help cover rent, mortgage, and bills
• Reduce financial stress during recovery

→ You can combine income and mortgage protection for more flexibility

→ Some policies can include redundancy cover.

A Policywise adviser can compare options across insurers and help you choose what suits your situation.

Healthcare pressures in the Tasman District

Like many regional centres across New Zealand, the Tasman District relies on a public health system that is under-resourced.

The 2023 Census found that the Tasman District median age was 46.8 years; 45.6 years in Richmond. This is significantly above the national median of 38.1 years.

A full 23.3% of the district's population is aged 65 or older - an aging population seen more significantly in Richmond (25.4%).

Source: Stats NZ

Wait times

Tasman District residents depend on Nelson Hospital as their primary public hospital for specialist services. The Nelson Marlborough health system, which serves Nelson, Tasman, and Marlborough, has been under sustained pressure.

As of April 2025:

• 4,077 patients were waiting longer than the recommended timeframe for a first specialist assessment

• 1,416 patients had been approved for treatment but were not treated within the required timeframe.

If you turn to private healthcare to avoid long wait times, costs rise quickly. Surgeries can cost tens of thousands of dollars, with specialist appointments, diagnostic scans, cancer treatments, and medications adding extra expense.

Note: Indicative costs only. Actual costs vary by provider and treatment complexity. Please verify current costs with private providers.

How health and trauma insurance help

Health insurance helps you access private care faster and reduce out-of-pocket costs. You can:

• Get treatment sooner
• Avoid public system delays
• Cover surgery, tests, and specialist care

→ Options include cover for cancer, mental health, and non-Pharmac drugs

→ Plans are available for individuals, couples, and families.

Trauma (critical illness) insurance provides a lump sum if you are diagnosed with a serious condition. This helps you:

• Focus on recovery
• Cover treatment or time off work
• Support your family.

Total permanent disability (TPD) insurance provides additional financial support if you become permanently unable to work. It can help you:

• Manage ongoing living and medical costs
• Pay for necessary adjustments, such as home modifications
• Support your family if you can no longer earn an income.

A financial adviser from Policywise can compare policies from different insurers and help you find cover that fits your needs and budget.

Lifestyle, dependants, and financial risk in the Tasman District

Tasman is known for its strong sense of community, family-friendly lifestyle, and growing population. According to the 2023 Census, the district is home to 15,888 families; around 5,268 of these are in Richmond.

Many households are raising children or supporting older family members. Census data shows that 37% of Tasman families are couples with children, while around 12.1% are one-parent families.

Source: Stats NZ

The stats are similar in Richmond, where 37.5% of families are couples with children.

The dependancy ratio (population aged 15 and below, or 65 and above) is high in Richmond and the wider Tasman District, at 73.2% and 67.3%, respectively.

For many Tasman households, financial security means being able to meet everyday expenses and protecting the people who depend on them.

While government assistance provides a safety net, it is often limited. Approximately 3,438 Tasman residents receive some form of benefit, including Jobseeker Support, Supported Living Payment, Sole Parent Support, and other assistance programmes.

How life insurance helps protect your family

Life insurance pays a lump sum if you pass away or are diagnosed with a terminal illness. This helps you:

• Pay off the mortgage
• Cover daily living costs
• Fund your children's education

→ You can combine life cover with trauma or disability insurance

→ Options include joint cover, family cover, and cover for children.

The risk of illness or injury affecting your income is real. Let a Policywise financial adviser help you find the right cover for where you are in life, what you earn, and who depends on you.

Insurance and KiwiSaver

Insurance and KiwiSaver serve different purposes, but when used together, they can support a more complete financial strategy.

Insurance is about protection, providing financial support if illness, injury, disability, or death affects your ability to earn an income or care for your family.

KiwiSaver is about growth, combining your own contributions with employer contributions (if employed) and government contributions (if eligible) to help you prepare for retirement, save towards a first home, and build long-term wealth.

The right KiwiSaver investment advice can ensure you're in a fund that reflects your goals, risk tolerance, and timeframe.

The resulting financial foundation is a powerful tool in addressing both present-day risks and future goals, protecting what you have while building what you need. A Policywise adviser can ensure your insurance and KiwiSaver arrangements are aligned.

Business insurance for Tasman business owners and operators

Tasman's economy is carried by business owners, contractors, vineyard operators, tradespeople, professionals, and self-employed workers. When illness, injury, disability, or death affects a key team member, the financial consequences move quickly through revenue, operations, staff, and client relationships.

Business insurance can help reduce the risk and support continuity. Potential options include:

• Business insurance: If illness or injury temporarily prevents you from working, this cover can help meet fixed business costs, such as rent and lease payments, staff wages, utilities, and operating expenses.
• Key person insurance: When a business owner, director, partner, or key employee suffers a serious illness, injury, disablement, or death, this cover can provide financial support to help offset lost revenue, cover recruitment and retraining costs, and assist with succession and continuity planning.
• Self-employed income protection: Helps replace a portion of your income if you're unable to work due to illness or injury. Depending on the policy, it may also assist with ongoing business expenses during your recovery.

A Policywise adviser can compare options from multiple insurers and help identify cover that fits the way you work.

Why it's best to get a financial adviser from an insurance broker in Tasman

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