Insurance - Ireland - July 2012
Despite the extraordinary financial pressures facing Irish consumers, there is no real appetite to cancel or downgrade insurance. In part, this is due to the strong belief on the part of consumers that it is important to be well insured for everything. Some consumers (29% in RoI, 20% in NI) also believe that insurance is even more important when things are tough financially. Although some consumers have been forced by personal financial circumstances to go without insurance, there is a strong reluctance to make this decision. All of this indicates the resilient appeal of insurance. However, premiums for almost all major forms of insurance have increased quite significantly in recent years – and are continuing to increase, albeit more moderately – which may leave more consumers with little option but to cancel or downgrade cover.
The industry faces a number of serious challenges. Weak consumer confidence, declining real incomes and ongoing difficulties within the broader Irish economy are putting pressure on consumers to reduce monthly expenditure wherever possible. While the industry is resilient, it is not immune to these challenges.
Some questions answered in this report include:
- How has the economic downturn impacted upon consumers’ appetite for and attitudes towards insurance? – Are consumers still as willing to opt for premium insurance options?
- To what degree are insurance products affordable and accessible for consumers? – Is value for money driving consumer choice of insurance products?
- What are the main channels to market within the insurance industry and where do consumers go to purchase insurance products? – What channels do consumers use to buy insurance, and how has greater internet access changed this?
- What are the ownership levels among consumers across the various insurance products? – What are the most common types of insurance products?
- What degree of loyalty exists among consumers towards insurers? – What are the reasons for the lack of trust that some consumers have towards insurers and the insurance industry as a whole?
- How do consumers approach the purchasing of an insurance product? – What are their attitudes towards the value and importance of insurance?
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.