Consumer satisfaction with Travel Insurance hits record level this summer
Latest Public Trust Index data also reveals continued decline in satisfaction among those aged 55+
Publication date:
04 September 2023
Last updated:
15 October 2023
New data published by the Chartered Insurance Institute (‘CII’) today (5 September 2023) reveals overall consumer satisfaction with travel insurance policies has reached its highest level since the organisations’ Public Trust Index survey began in July 2018. The figures also show that those aged 18-34 are more satisfied with all forms of insurance policy than at any point over the past 5 years. However, there has been a downward movement in satisfaction among those aged 55 and over.
New data published by the Chartered Insurance Institute (‘CII’) today (5 September 2023) reveals overall consumer satisfaction with travel insurance policies has reached its highest level since the organisations’ Public Trust Index survey began in July 2018. The figures also show that those aged 18-34 are more satisfied with all forms of insurance policy than at any point over the past 5 years. However, there has been a downward movement in satisfaction among those aged 55 and over.
The professional membership body for the insurance sector asks around 1000 consumers and 1000 SMEs about their satisfaction with a range of insurance policies every six months, and the Index is the longest established industry measure of its kind in the UK.
The latest outturns show that 87% of consumers who had recently bought a travel insurance policy were satisfied with their purchase, compared to just 76% in July 2021, when the sector was facing challenges following the Covid-19 pandemic. Only 5% of consumers said they were not satisfied with their purchase in these latest data, compared to 8% in July 2021, with the remainder neither satisfied nor dissatisfied.
In contrast, the proportion of respondents who said they were satisfied with their buildings and/or contents insurance policy fell to 81%, and consumer satisfaction with motor insurance policies fell to 85%, consistent with the recent publication of research by the Association of British Insurers.
The Index also looks at consumer responses by age, gender and ethnicity. The proportion of respondents aged 18-34 who said they were satisfied with all forms of insurance policy that they had purchased recently rose to a record high of 83% in this latest survey, up from 74% in July 2021. In contrast, the proportion of respondents aged 55 and over expressing satisfaction has fallen steadily over time, from 91% in 2019 to 83% in this latest survey.
Reflecting on the numbers, CII Group Chief Executive, Alan Vallance, said: “Our Public Trust Index is an important barometer for the whole insurance profession. While it’s pleasing to see an improving picture for some groups of consumers, and for some policies, much like our UK summer it’s by no means a sunny outlook across the insurance market. The CII encourages our members and other sector participants to act on these latest findings, to maintain and build public trust in the insurance profession.”
Table 1: CII Public Trust Index, Consumer satisfaction
|
|
Waves 2&3 |
Waves 7&8 |
Waves 8&9 |
Waves 9&10 |
Waves 10&11 |
Waves 11&12 |
|
|
Oct-19 |
Jul-21 |
Dec-21 |
Jul-22 |
Dec-22 |
Jul-23 |
|
Overall satisfaction (%) |
84% |
82% |
85% |
86% |
85% |
84% |
|
Age (%) |
|
|
|
|
|
|
|
18-34, satisfied |
77% |
74% |
81% |
81% |
81% |
83% |
|
18-34, not satisfied |
7% |
12% |
9% |
8% |
9% |
8% |
|
35-54, satisfied |
83% |
84% |
84% |
87% |
87% |
86% |
|
35-54, not satisfied |
3% |
5% |
4% |
4% |
3% |
3% |
|
55+, satisfied |
91% |
86% |
88% |
88% |
86% |
83% |
|
55+, not satisfied |
1% |
4% |
3% |
3% |
4% |
3% |
|
Policy Type (%) |
|
|
|
|
|
|
|
Motor, satisfied |
84% |
85% |
86% |
86% |
87% |
85% |
|
Motor, not satisfied |
4% |
5% |
5% |
5% |
4% |
4% |
|
Travel, satisfied |
83% |
76% |
82% |
86% |
86% |
87% |
|
Travel, not satisfied |
3% |
8% |
8% |
4% |
4% |
5% |
|
Buildings/contents, satisfied |
86% |
81% |
85% |
85% |
81% |
81% |
|
Buildings/contents, not satisfied |
4% |
7% |
4% |
5% |
6% |
5% |
Source: CII Public Trust Index
Diagram 1: Consumer satisfaction, by age
Diagram 2: Consumer satisfaction, by policy type
