Risk Metrics: Consumer Concern for and Acquisition of Insurance for Everyday Risks in the UK

Finaccord Ltd.
January 1, 2012
249 Pages - SKU: FIN6798599
License type:
Countries covered: United Kingdom

Risk Metrics: Consumer Concern for and Acquisition of Insurance for Everyday Risks in the UK is an updated study about 40 types of risk and their associated insurance, warranty and assistance policies that are often described as ‘niche’ when compared to more mainstream insurance policies such as motor, household, travel and life insurance. However, the vast majority of these types of risk are deemed to be relevant to their circumstances by over 50% of survey respondents with the result that many have also acquired a policy to cover the risk. In fact, the research measures the relevance and degree of concern caused to survey participants by each of these 40 risks as well as measuring the take-up rates for the related insurance, warranty and assistance policies, whether on a stand-alone or packaged basis, among consumers with results broken out in detail in each case by gender, age group, annual household income and geographical location of respondents. Furthermore, for most policy types it is also possible to compare the latest results for 2011 with those from the previous survey carried out in 2007.

The types of insurance used to cover these risks, which fall into seven broader categories, are as follows: personal health: children's health insurance, critical illness insurance, dental expenses insurance, health / hospital cash plans, long-term income protection insurance, personal accident insurance, private medical insurance, sports accident insurance; financial commitments: bill payment protection insurance, credit card payment protection insurance, legal expenses insurance, loan payment protection insurance, mortgage payment protection insurance, short-term income protection insurance (accident / illness); short-term income protection insurance (unemployment); personal possessions (insurance): bicycle insurance, furniture insurance, garden insurance, glasses / spectacles insurance, handbag / briefcase insurance, jewellery insurance, missed event / ticket cancellation insurance, mobile gadget insurance, mobile telephone insurance, musical instrument insurance, pet insurance, purchase protection insurance; personal possessions (warranty): extended warranty / service contract for audio-visual appliance, extended warranty / service contract for computing device, extended warranty / service contract for kitchen appliance; personal security: card protection insurance, identity theft insurance / assistance; home ownership: drainage / plumbing / water supply pipe insurance, electrical emergency and breakdown insurance, gas boiler / gas supply pipe / gas central heating insurance; car ownership: breakdown recovery insurance, extended warranty / service contract for car, GAP / shortfall protection insurance, MOT insurance, tyre insurance.

You may be able to use this report in one or more of the following ways: - gain cost-effective access to a source of data and insight covering 40 types of insurance, warranty and assistance policy which in aggregate amount to a substantial stand-alone market; - prioritise the way in which you promote different types of cover to existing or prospective customers in accordance with the apparent concern that the underlying risks are causing them; - appreciate the degree to which packaging with other financial services is already limiting or possesses the potential to limit the future development of stand-alone markets in the UK; - understand the likely future outlook for the insurance, warranty and assistance policies considered on the basis of both the results for 2011 and the time line analysis in comparison to 2007; - use the data describing the preoccupations and behaviour of each consumer segment to improve your marketing campaigns for each of the 40 forms of insurance, warranty and assistance product under review.


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