More Australians switching insurance since COVID-19

Original article by Roy Morgan
Market Research Update – Page: Online : 9-Jun-21

New data from Roy Morgan shows that since the COVID-19 pandemic began, Australians with either vehicle insurance or household insurance have been far more likely to switch their insurance provider, and also far more likely to consider switching after looking for deals from other companies. In the year to March 2021, only 62.9% of the nation’s 30 million+ vehicle insurance policies (including Compulsory Third Party) were renewed without approaching another company, down from 77.9% in the year to March 2020. There was a significant increase in vehicle insurance policies that were renewed only after approaching other companies, up 9.2% points to 23.5%. There was a similar trend in the household insurance market, which comprises nearly 25 million policies. Some 68.1% of these policies were renewed without approaching another company, down 12.3% points from the year to March 2020 when 80.4% of household insurance policies were renewed. Meanwhile, 22% of household insurance policies were renewed after approaching other companies, up 7.7% points from a year ago, and 6.1% of policies were ‘switched’ from another company, up from 3.7% a year ago. These are some of the latest findings from Roy Morgan’s Single Source insurance data derived from in-depth personal interviews conducted with over 50,000 Australians per annum, including details of over 75,000 vehicle insurance policies and over 65,000 household insurance policies.

CORPORATES
ROY MORGAN LIMITED

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