Central Bank report examines engagement and switching patterns among car and home insurance consumers via IrishTimesBiz
The study, which drew on a survey of 5,500 insurance policyholders in the Republic, found that 80 per cent of car and home insurance consumers will engage with their provider when their policy comes up for renewal, while about one in four will switch provider.
“These consumers tend to be older, lower income, and less educated,” it said, noting that policyholders who are less comfortable with digital channels were also more likely to exhibit status quo bias. “The Central Bank expects firms to take account of such factors as part of their efforts to support consumers in making fully informed decisions,” it said.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank tells Irish-listed LDI funds to bolster resilienceLDIs, used by UK pension funds to cover cashflow, came under severe pressure in September
Read more »
Card spending falls in October as cost-of-living pressures mountCard spending falls in October as cost-of-living pressures mount via IrishTimesBiz
Read more »
One in 4 consumers switch insurance providersEight out of 10 car and home insurance consumers engage with their provider on renewal and one in four switch, according to research conducted by the Central Bank of Ireland.
Read more »
HSBC to close more than one in four bank branches across United KingdomHSBC to close more than one in four bank branches in the UK
Read more »