Analysis by Deloitte, the business advisory firm, indicates millions
of European motor insurance customers are now more willing to switch
provider than they were in the past. A YouGov survey for Deloitte of
8,688 motor insurance customers across eight European countries found
that up to 320 million* policies could switch by 2020.
Whilst half (49%) of policyholders across Europe have been with the same motor insurer for the last three years or more, shifts in behaviour could see this fall by about one-third to 32% in the next five years. In the UK, 14 million private car policies – roughly half of the UK market – could change provider each year during this time.
From now until 2020, Deloitte’s analysis suggests between 60 to 67 million* European policies could be swapped each year.
Deloitte’s findings suggest the European motor insurance market is heading towards a less stable environment where customer behaviours will be more volatile and regulation is shifting how products are priced and sold.
Read more: 320m European motor insurance policies up for grabs by 2020
Whilst half (49%) of policyholders across Europe have been with the same motor insurer for the last three years or more, shifts in behaviour could see this fall by about one-third to 32% in the next five years. In the UK, 14 million private car policies – roughly half of the UK market – could change provider each year during this time.
From now until 2020, Deloitte’s analysis suggests between 60 to 67 million* European policies could be swapped each year.
Deloitte’s findings suggest the European motor insurance market is heading towards a less stable environment where customer behaviours will be more volatile and regulation is shifting how products are priced and sold.
Read more: 320m European motor insurance policies up for grabs by 2020
