COVID-19 changes consumer insurance behaviour 18% of consumers who currently own any type of insurance either cancelled a policy or switched to cheaper alternatives because of the COVID-19 pandemic. These findings come from the IRN Research report, The Insurance Consumer 2021. As a result of these changes, the amount consumers in total spend on general insurance produces declined by around 6% in 2020, compared with...
Read More
Number of new mortgages taken our down by almost 13% COVID-19 has had a major impact on the market in 2020/21, deterring some FTBs from buying a home but also leading the Government to introduce a Stamp Duty holiday, which encouraged strong buying demand ahead of the ending of the holiday. In 2020, IRN Research estimates that first time home buyers (FTBs) borrowed 7.2% less...
Read More
RN Research's Medico-Legal and insurance Services Report 2021, shows that the COVID-19 lockdowns caused a significant decline in personal injury case numbers and a significant slowdown in personal injury case progression, leading to a decline in the market. IRN estimate that the medico-legal and insurance services (MLIS) market, including payments to individual, freelance and self-employed medical experts and case managers declined by 18% in 2020 compared with 2019.
Single trip travel insurance hit the hardest by COVID-19 The 2021 results from the IRN Research Travel Insurance Consumer Research Report 2021, shows that compared with the result from our 2019 report, 2021 has seen a significant decline in the number of overseas travel trips taken, with the duration of trips also shortening. Despite this, ownership of multi-trip insurance held up well: in 2021, 22%...
Read More
Motor Breakdown Market Worth £1.8 billion In 2021, 50% of consumers said they owned motor breakdown cover, which is up on the 46% that owned in 2019. This finding comes from the IRN Research Motor Breakdown Consumer Research Report 2021,The total market (B2C and B2B) was worth almost £1.8 billion. The percentage of consumers who own motor breakdown cover tends to rise with age, social...
Read More
Ferry Passenger, car and Coach Volumes Slump In 2020, 28.2 million fewer trips by ferry were made on UK ferries, covering trips between the UK and Continent, UK-Ireland and domestic locations (including the London River Service). Numbers were down across the broad for all routes and all destinations. Along with the decline in passenger trips, the number of cars transported fell by 4.8 million and...
Read More
Motor Insurance Market Declines by 8% because of COVID-19 In 2019, IRN Research estimate the motor insurance market generated gross written premiums (GWP) of just over £14 billion, a rise of around 2% over 2018. Given the impact of COVID-19 on the market, IRN expect GWP to decline by 8% in 2020. Key factors behind this decline were premium rebates given to customers by some...
Read More
