Increases in business costs over the past few years for carriers have triggered successive premium hikes for policyholders, prompting some customers to reconsider their coverage and explore more cost-effective options from a wider range of carriers.
Gain fresh consumer-led insights into the US P&C insurance market. What the most important factors impacting consumers’ insurance choices? What are the levels of P&C insurance ownership in the US? Answer these questions and more with this market report.
Increases in business costs over the past few years for carriers have triggered successive premium hikes for policyholders, prompting some customers to reconsider their coverage and explore more cost-effective options from a wider range of carriers.
Despite the rise in premiums, the tried-and-tested bundle deal has remained resilient, with the rate of consumers who hold multiple policies with one provider rising since last year. While the cost of owning P&C insurance has no doubt increased, consumers may have found minimal cost savings across multiple providers that would deem it worthwhile to break the convenience of bundling.
Retention should remain top-of-mind for carriers; particularly among younger demographics exhibiting the highest appetite of shopping around the market. The growing interest and adoption of telematics products remains a timely solution that can curb customer attrition – also particularly with younger audiences.
Nearly 40% of Gen Zers and Millennials have already engaged with a behavioral-based insurance program, with a third of customers showing a readiness to share auto/home information for a policy discount – further reinforcing to carriers how harnessing the power of telematics offerings can be an effective avenue in driving higher customer loyalty.
Purchase the full report for a complete analysis of the US P&C insurance market, including market dynamics and consumer insights. Readers of this report may also be interested in Mintel’s US Innovations in Insurance Market Report.
This report covers only P&C insurance – auto, homeowner/condo and renters insurance. It does not include any information about health or life insurance. If you are looking for more information on these segments, take a look at Mintel’s US Health Insurance Market Report or US Life Insurance Market Report.
This report was written by Amr Hamdi, Mintel’s Senior Financial Services Analyst. Amr joined Mintel in 2021 with a background in economics and previous work experience at the Federal Reserve. In his role, he leverages consumer research, competitive marketing analysis, and industry trends to provide detailed consumer reports around diverse topics such as banking, fintech, insurance, and investments.
Carriers must continue leaning into incentives and cost-efficient offerings to mitigate customer turnover, as the cost of owning P&C coverage continues to rise.
Amr Hamdi
Senior Analyst – Financial Services
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