Demographic Profiles in Insurance - Thematic Research

Demographic Profiles in Insurance - Thematic Research

Summary

The insurance industry has long had to adapt to changing demographic environments; in many instances, these are longer-term trends allowing the industry time to gradually adapt. However, the continued and rapid development of technology, both in insurance and wider society, has created new nuances specific to demographic factors that were previously undetected. Providers must respond in order to ensure they are meeting the demands of a rapidly evolving and subtly different client base.

This report provides an in-depth analysis of demographic trends and consumer preferences that will shape the insurance industry over the coming years. It looks at major demographic trends, insurance product penetration rates, and purchasing preferences among different demographics.

Scope

  • Renters are much less likely to hold some form of home insurance compared to mortgagors.
  • Private healthcare will become more popular as an aging population stretches public resources.
  • Stagnant middle-class incomes will reduce uptake of insurance policies.
Reasons to Buy
  • Identify changes to customer profiles over the next 30 years.
  • Prepare for changing consumer needs when purchasing insurance.
  • Plan for the future to stay ahead of the competition.


  • Executive Summary
  • Macroeconomic Trends
    • Overview
    • Aging populations will create opportunities and risks
    • Generation Rent is a phenomenon that isn't going away
    • Insurance uptake increases with wealth
  • Product Penetration & Purchasing Journey
    • Current accounts are the most common financial products
    • Middle East and Africa have the lowest uptake of financial products
    • Uptake of insurance products increases with age
    • Multiple markets have the opportunity for further growth
    • Purchasing from an insurer is the most dominant channel
    • Face-to-face remains a popular method of purchasing
    • Europe leads the way in the use of PCs to purchase policies
  • Product Penetration & Purchasing Journey: Deep Dive
    • The future of distribution is digital
    • Younger demographics are more varied in their channel use
    • Cross-selling through mortgage providers will change in the future
    • Insurers should look to the Nordics to solve low-uptake issues
    • Life events play a key role in the uptake of products
    • Home insurance uptake remains low among first-time owners
    • Pension uptake is considerably lower in the Middle East/Africa
  • Thematic Scorecard
    • The largest players perform best in the demographic theme
  • Appendix 1
    • Current account providers are strong at cross-selling products
    • The direct channel dominates the Nordic market
  • Appendix 2
    • Our thematic research methodology
    • About GlobalData
    • Trusted intelligence in uncertain times

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