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Key Consumer Trends for Insurance Providers in 2010
Datamonitor, Oct 2010, Pages: 92
Introduction
Global insurance premium growth has been negative for the past two years. This reflects the recession's negative impact on the mainly mature markets in Western Europe, North America and Japan. This requires new thinking on how products, marketing and business strategy fits together in an increasingly consumer-centric market
Scope
- This report examines the shift in consumer attitudes towards insurance over the June 2009 to June 2010 period
- This report is global in scope, examining issues impacting 19 international insurance markets
- This report analyses the impact of the global downturn and the subsequent change in consumer needs on the general and life insurance markets
Highlights
The global financial crisis has had an impact on all consumers and their attitudes and motivations for buying insurance. In this challenging environment it is no longer sufficient to react to consumer behaviors, rather insurers need to understand the trends & influences behind insurance purchasing decisions
An obvious strategy for growth hungry insurers is to establish operations in rapidly expanding markets where demographics and economic conditions favor growth the most. This has been the strategy of a few insurers in recent years, with mixed results
The wave of consumers, across all markets, streamlining lifestyles has had direct implications for insurance markets. Policyholders lowering the level or cutting the features of their policies to cut costs. This behavior has been relatively constant as most economies have exited the recession since 2009, though it is uneven across product type
Reasons to Purchase
- Understand the impact that the recession has had on your customer base
- Understand how to target the changed insurance needs of the post-recessionary consumer
- Access time series survey data to help you understand how your clients have been affected over time
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