One million potential for switching risk and life insurance policy providers

Original article by Roy Morgan
Market Research Update – Page: Online : 13-Aug-18

New research from Roy Morgan shows that in the 12 months to June 2018, 1,008,000 risk and life insurance policies (10.8% of the total market) had the potential to change companies. This potential is the sum of the 242,000 that actually switched to another company and the 766,000 that renewed with the same company after having approached other companies. Of the total switching potential of 1,008,000 risk and life policies over the last year, the 35-49 age group is the biggest segment, with 425,000 or 42.2% of the total. The second largest segment is the 50-64 age group, with 360,000 or 35.7% of the total. Meanwhile, 27.9% of switching potential is in the $60,000 to $99,000 personal income group, with 281,000 policies. These are the latest findings from Roy Morgan’s Single Source survey, which is based on in-depth personal interviews conducted face-to-face with over 50,000 Australians per annum in their own homes, including over 10,000 interviews with people holding risk and life insurance policies.


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