Original article by Roy Morgan
Market Research Update – Page: Online : 20-May-19

A new report from Roy Morgan, ‘General Insurance Industry Market Overview Currency Report’, shows that during the last 12 months, 9.4 million general insurance policies (19.1%) were subject to review. This was made up of the policies that were switched to another company and those that were renewed with the same company after approaching other companies. The report shows that over the last year, 78.4% of general insurance policies were renewed with the same company without approaching any other companies. This was an increase from the previous year when it was 77.5% and currently represents 38.3 million policies. The most loyal customers, based on the proportion of policies that are renewed without the holder approaching another company, are with CGU (85.8%) and the RACV (83.5%). The least loyal customers among the majors are with YOUI (only 70.6% renewed without looking around), AAMI (73.3%) and GIO (73.7%). Roy Morgan’s ‘General Insurance Currency Report’ is derived from Roy Morgan’s Single Source Survey (Australia) which is based on in-depth personal interviews conducted face-to-face with over 50,000 Australians per annum in their homes, including details of over 120,000 general insurance policies.

CORPORATES
ROY MORGAN LIMITED, CGU INSURANCE AUSTRALIA LIMITED, RACV INSURANCE, YOUI PTY LTD, AUSTRALIAN ASSOCIATED MOTOR INSURERS LIMITED, GIO AUSTRALIA LIMITED