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Description

Description

"As many consumers are compelled by law or contract to purchase property and casualty insurance, rates of ownership are quite high, and the industry is highly competitive. While technological innovation continues to reshape the industry, consumer loyalty is yet to be significantly impacted by these developments, and most consumers make their policy choices based on price."
- Chris Shadle, Financial Services Analyst

This report looks at the following areas:

  • How prevalent are P&C insurance policies among the general population? Do most consumers bundle multiple policies with a single carrier? Do any noteworthy gaps in coverage exist?
  • How often do consumers switch P&C insurers, and which consumers are most likely to do so? Which policy lines are they most likely to switch? What are the primary motivations to change carriers?
  • What technological features are consumers most interested in seeing from their P&C insurers? How open are consumers to insurance offerings from new players in the industry?
  • What are consumers’ expectations regarding customer service and transparency? How likely are consumers to recommend their P&C insurer?

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Insurance Ownership
          • What you want to know
            • What we see
              • Switching Carriers
                • What you want to know
                  • What we see
                    • Insurance & Technology
                      • What you want to know
                        • What we see
                          • Attitudes
                            • What you want to know
                              • What we see
                                • What it means
                                • The Market – What You Need to Know

                                  • Net premiums increase, but industry’s books outweighed by record losses
                                    • Top P&C insurer rankings remain steady
                                      • Average auto policy expenditure increasing at record high
                                        • Homeowners premiums creep up as housing market improves
                                        • Market Size

                                          • Top 10 writers of property & casualty insurance
                                            • Figure 1: Top 10 writers of property and casualty insurance, by direct premiums written, 2017
                                          • Nearly 9 in 10 consumers own a P&C policy
                                            • Figure 2: Insurance ownership, by Age, January 2019
                                        • Market Breakdown

                                          • Cost of homeowners policies creeps up, as housing market slowly improves
                                            • Figure 3: Average premiums for homeowners and renters insurance, in current dollars, 2006-16
                                            • Figure 4: Home ownership rate, by age, 2007 versus 2017
                                          • Auto insurance expenditure saw large uptick in 2016
                                            • Figure 5: Average auto insurance expenditures, in current dollars, 2006-16
                                          • Total auto sales remain steady, as popularity of SUVs skyrockets
                                            • Figure 6: US Vehicle Sales, Rolling 12-month totals, December 1993 – December 2018
                                        • Key Players – What You Need to Know

                                          • Personal cyber security policies rise in popularity
                                            • Natural disasters erode industry profits
                                              • State guidelines redefine underwriting capabilities
                                                • Parametric insurance could redefine some policy types
                                                • What’s Happening?

                                                  • Personal cyber security policies rise in popularity
                                                    • Figure 7: LifeLock acquisition email, February 2019
                                                    • Figure 8: AAA member email, November 2018
                                                  • Parametric insurance could redefine some policy types
                                                    • Hippo home insurance raising money and utilizing AI
                                                      • Figure 9: Hippo acquisition mailer, January 2019
                                                  • What’s Struggling?

                                                    • Natural disasters erode industry profits
                                                      • Despite clamor, blockchain application remains largely on the drawing board
                                                        • Most renters are rolling the dice with insurance coverage
                                                          • Figure 10: Renters insurance ownership among renters, by age and income, January 2019
                                                      • What’s New and What’s Next?

                                                        • New York OKs use of social media data for life insurers
                                                          • California bans use of gender in auto underwriting
                                                            • Trōv brings single-item insurance policies for tech gadgets and gear
                                                            • The Consumer – What You Need to Know

                                                              • Those with multiple policies likely bundle insurance with one carrier
                                                                • A large part of the US renter population is uninsured
                                                                  • 18-34-year-olds are the most likely to switch insurers
                                                                    • Mobile interactions are on the rise, especially among younger consumers
                                                                      • Insurance by Google? One third of consumers are interested...
                                                                      • Current Insurance Ownership

                                                                        • Those with multiple policies likely bundle insurance with one carrier
                                                                          • Figure 11: Insurance ownership, bundling policies, by age, January 2019
                                                                          • Figure 12: GEICO, Cross-Sell email, October 2018
                                                                        • Most renters are rolling the dice with insurance coverage
                                                                          • Figure 13: Renters insurance ownership among renters, by age and income, January 2019
                                                                      • Switching Behaviors

                                                                        • Consumers switch auto and renters policies most frequently
                                                                          • Figure 14: Incidence of switching policies and making claims, by insurance type, January 2019
                                                                        • 18-34-year-olds are the most likely to switch insurers
                                                                          • Figure 15: P&C insurer switching behavior, by age, January 2019
                                                                        • Price is the most important driver of loyalty
                                                                          • Figure 16: Motivating factors in switching P&C insurers, January 2019
                                                                          • Figure 17: Liberty Mutual, Acquisition email, July 2018
                                                                      • Tech-Focused Insurance Behaviors

                                                                        • Mobile interactions are on the rise, especially among younger consumers
                                                                          • Figure 18: Use of insurance technology, by age, January 2019
                                                                        • Insurance by Google? One third of consumers are interested...
                                                                          • Figure 19: Interest in insurance from a startup or tech company, by age, January 2019
                                                                        • Smart home devices pique significant consumer interest
                                                                          • Figure 20: Interest in smart home devices, by race and ethnicity, January 2019
                                                                      • Future P&C Offerings

                                                                        • Consumers want discounts more than anything else
                                                                          • Figure 21: Interest in future P&C insurance offerings, January 2019
                                                                        • Parents and Hispanics are most desirous of customer service enhancements
                                                                          • Figure 22: Interest in future P&C insurance offerings, by parental status, January 2019
                                                                          • Figure 23: Interest in future P&C insurance offerings, by Hispanic origin, January 2019
                                                                        • Usage-based auto policies are broadly popular; car and home sharing gaining intrigue
                                                                          • Figure 24: Interest in future P&C insurance offerings, by age, January 2019
                                                                          • Figure 25: Progressive, Acquisition email, January 2019
                                                                          • Figure 26: Metromile, Acquisition email, January 2019
                                                                      • Attitudes toward Insurance

                                                                        • Consumers expect transparency and real time communication…
                                                                          • Figure 27: Consumer expectations of insurer, by generation, January 2019
                                                                        • …but only half of consumers would recommend their P&C insurer
                                                                          • Figure 28: Likelihood of recommending P&C insurer, by generation, January 2019
                                                                        • Many consumers believe “insurance companies are all the same”
                                                                        • Appendix – Data Sources and Abbreviations

                                                                          • Data sources
                                                                            • Consumer survey data
                                                                              • Direct marketing creative
                                                                                • Abbreviations and terms
                                                                                  • Abbreviations

                                                                                  About the report

                                                                                  This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                  • The Consumer

                                                                                    What They Want. Why They Want It.

                                                                                  • The Competitors

                                                                                    Who’s Winning. How To Stay Ahead.

                                                                                  • The Market

                                                                                    Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                  • The Innovations

                                                                                    New Ideas. New Products. New Potential.

                                                                                  • The Opportunities

                                                                                    Where The White Space Is. How To Make It Yours.

                                                                                  • The Trends

                                                                                    What’s Shaping Demand – Today And Tomorrow.

                                                                                  Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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