The Chartered Insurance Institute (CII) has published the latest figures from its Public Trust Index.
As shown below, overall consumer satisfaction with insurance policies stood at 86%. That means, the CII explained in an emailed release, 86% of those who had recently purchased insurance were satisfied. Broken down by policy type, the same statistic applied to motor and travel, while 84% was recorded for buildings/contents.
|
Age/policy |
October 2019 |
July 2021 |
December 2021 |
July 2022 |
December 2022 |
July 2023 |
September 2023 |
|---|---|---|---|---|---|---|---|
|
Aged 18-34 |
77% |
74% |
81% |
81% |
81% |
83% |
82% |
|
Aged 35-54 |
83% |
84% |
84% |
87% |
87% |
86% |
86% |
|
Aged 55-plus |
91% |
86% |
88% |
88% |
86% |
83% |
87% |
|
Motor |
84% |
85% |
86% |
86% |
87% |
85% |
86% |
|
Travel |
83% |
76% |
82% |
86% |
86% |
87% |
86% |
|
Buildings/contents |
86% |
81% |
85% |
85% |
81% |
81% |
84% |
|
Overall satisfaction |
84% |
82% |
85% |
86% |
85% |
83% |
86% |
“Our headline satisfaction number suggests insurance companies are doing many things well in the eyes of consumers,” Dr Matt Connell, CII’s policy & public affairs director, said. “It is particularly pleasing to report that the investments made by many firms to speed up their claims processes are being recognised by consumers.
“Over recent years, insurers have done a huge amount of work to comply with the FCA’s (Financial Conduct Authority) general insurance pricing rules, which ensure that renewing home and motor insurance consumers are quoted prices that are no more than they would be quoted as a new customer through the same channel.
“However, these rules have not altered consumers’ perceptions about fairness between new and existing customers. This is partly because of inflation, with all customers facing higher premiums, but our research also shows that consumers are ready to listen to assurances about how their policy is priced.”
Connell added that a guarantee that existing customers won’t be charged more than a new one would have a real impact on public trust. He said insurers should not be afraid to make a virtue out of a necessity.
Described as the longest established industry measure of its kind in the UK, the CII Public Trust Index is based on survey responses from around 1,000 consumers and 1,000 SMEs. The poll began in July 2018.
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