Guidewire Survey

Insurance in 2023 is a Battle for Customers’ Hearts and Minds - Seite 2

The 2023 report has found that four in ten (42 percent) consumers are still considering whether to reduce their spending on insurance. In 2023, home contents insurance is the most likely cover to be cancelled, overtaking travel insurance which led in 2022. This is being driven largely by younger consumers, with over a quarter (28 percent) of those aged 25-34 years and one in four (25 percent) of those aged 18-24 saying that they would cut spending on home contents insurance. By contrast older groups are less likely to cut insurance spending with almost three out of four (73%) of over 55s saying it was unlikely they would make a reduction.

“That the cost-of-living is still top of mind for many is hardly a surprise given the economic outlook. What is striking is that while younger people would consider cancelling their home contents insurance, older customers do not want to reduce their spending on insurance despite financial pressures,” continues Schoenauer. “Given that the financial situation may remain difficult for householders for some time, this suggests insurers need to develop and deliver new, flexible usage-based offerings to their customers as quickly as they are able to. These should be available for selected, important possessions, or provide protection for specific damages. It is exactly this kind of innovation that will show insurance customers that their insurers continue to understand their needs and that they are there to support them no matter what challenges they face.”

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