Consumer research shows significant majority of motor and home insurance customers are satisfied with the service they receive from their insurer

• 93% of car insurance holders and 92% of home insurance holders are satisfied with the quality of the cover provided
• 76% of motor insurance policyholders and 86% of home insurance policyholders are satisfied with the cost of their insurance
• 22% of respondents switched car insurance in the past 12 months and 14% switched home insurance.  Among those who did not switch, receiving a better price from their current insurer when asked (67% for motor insurance and 55% for home insurance) was the main reason given.
• The overall assessment of insurance switching by consumers is positive with 85% of car insurance switchers and 86% of home insurance switchers rating the process as ‘easy’.  

23 August 2022. Insurance Ireland today publish a national survey which establishes the attitudes of Irish consumers to insurance generally and specifically motor and home insurance. The research, carried out by B&A, is a nationally representative survey of 2,000 consumers conducted via face to face interviews. The report benchmarks key trends, challenges and opportunities in the industry.

At the period of renewal, 31% and 42% of respondents automatically renew their motor and home insurance respectively. In either sector, those under 35 years are significantly more likely to ‘look around’. 

22% of respondents have switched their motor insurance providers in the past 12 months while 14% switching home insurance providers in the same period. The overall assessment of insurance switching is positive with 85% of motor insurance switchers and 86% of home insurance switchers rating the process as ‘easy’.  Among those who did not switch, receiving a better price from their current insurer when asked (67% for motor insurance and 55% for home insurance) was the main reason given.

The survey also found that positive satisfaction levels with Insurance Providers are evident across multiple criteria in each sector. Among respondents, 76% of motor insurance policyholders and 86% of home insurance policyholders said they were satisfied with the cost of their insurance. Furthermore, 93% of motor insurance policyholders and 92% of home insurance policyholders are satisfied with the quality of the cover provided.

The survey found that awareness of the impact of fraudulent claims and legal awards for minor injuries was high amongst respondents. When asked about whether ‘Legal awards for minor injuries increase general insurance prices’, 72% of respondents agreed to this. Similarly, 71% agreed that ‘There is a high level of false insurance claims in Ireland’.  The insurance sector fully supports the Government’s Action Plan for Insurance Reform and believes that the introduction of the Personal Injury Guidelines, the upcoming changes to the Occupiers’ Liability Act and the strengthening of the powers of PIAB will enable more certainty to a volatile market and reduce costs in the claims settlement process.

“Things change from one year to the next,” says Insurance Ireland CEO, Moyagh Murdock. “It’s important that consumers assess and update their insurance policies to reflect any changes.  Not only can that reduce insurance costs, but you will also have peace of mind that you have the right cover at the best price. This is especially important as the cost of living increases and inflation continues to rise, which increases the risk of consumers being underinsured”

When it comes to renewal time, the first step is that consumers talk to their existing insurer or broker to discuss current policy features, the renewal quote and ensure all of the details are up to date. Consumers can then go online or phone another insurer or broker for additional quotes to compare. If a consumer is shopping around for the first time , seeking multiple quotes can feel a little daunting, but it can be well worth the effort.  Even if consumers decide to stay with their current provider, they will have the peace of mind of knowing it’s the right policy for their needs.

“Our members are here to make sure you get the cover you need and the best deal.  Whether it’s for home, motor, or any other type of insurance, insurance providers or brokers will be happy to help consumers.”

Insurance Ireland recently launched a high profile consumer information campaign focused on the Motor and Home sectors. The core message of this campaign is ‘Don’t just renew – review’. It encourages consumers to shop around for their insurance to obtain the best policy to suit their needs and aims to educate consumers of the value of insurance and that the best price is not always the best value. With this campaign, Insurance Ireland launched an information hub for consumers providing information on how insurance works, how to buy insurance and the different types of insurance available to consumers. The website also highlights the various factors that might affect a home or motor insurance policy. More information is available here: https://www.understandinginsurance.ie/shoparound

For consumers struggling to access insurance, Insurance Ireland is also operating a consumer information hotline, the Insurance Information Service,  which consumers can reach under +353 (1) 676 1820

ENDS//

Notes to Editor

Methodology

The research was conducted via two successive waves of B&A’s National Barometer Survey. The Barometer is a nationally representative survey of 1,000 interviews conducted via face to face interviews:

• Each Behaviour & Attitudes Barometer survey is based on a nationally representative quota sample of 1,000 adults (aged 16 years and over) with a fresh sample used for each fortnightly survey.    
• All interviewing is conducted by fully trained and experienced members of the Behaviour & Attitudes field-force, who work under direct supervision and are subject to rigorous quality controls (personal, postal and telephone checks).  All aspects of our Barometer survey operate to the guideline standards established by the company’s membership of the MRS and ESOMAR (the international industry representative body).  

The research was conducted during April & May 2022