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Insurance spending down less than expected.
Cuts in insurance spending by consumers have not been as severe as anticipated 12 months ago.
11-07-2009
Research conducted by YouGov for Deloitte, the business advisory firm shows 13% of consumers are making cuts compared with 26% who said they would. Three quarters said they would not consider cutting back on any policies but 17% of consumers would consider cutting back on insurance at the next renewal and this could still cost the industry up to £1 billion in lost premiums.
Payment protection insurance (15%), pet insurance (15%) and health insurance (13%) are the areas most affected by cut backs over the past 12 months. Motor and household insurance were the least affected areas but household and contents insurance are the areas where consumers are most likely to make future changes.
James Rakow, insurance associate partner at Deloitte said: “These results show that while consumers are still feeling the pressure of the recession, the financial crisis has had a smaller impact on consumer spending on insurance than was anticipated 12 months ago. Interestingly, some consumers seem to be reducing their home and contents insurance, which is surprising given that crime and theft levels typically increase during recessions. Once the recession is over insurers might be wise to think about their tactics to regain the business lost, which could amount to as much as £1billion across the market for products such as motor, home, pet, travel and private medical insurance.”
The survey also showed that the likelihood of consumers inflating claims is lower than 12 months ago. Nearly three quarters of those with an insurance policy are not likely to consider inflating a claim, while just 2% say they are very likely to and 6% say they are fairly likely to. Mark McIlquham, insurance partner at Deloitte said: “Insurance fraud typically thrives in a downturn and adds an extra £40 a year to the average insurance premium. It is encouraging to see that there has been a reduction in the number of consumers who think it is acceptable to inflate their claims. Nevertheless, with 8% of consumers still saying that it is likely that they would consider inflating their claims, this remains a major concern for insurers.”
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