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Market Research Update – Page: Online : 4-Oct-23

New data from Roy Morgan reveals that fewer Australians are renewing their household insurance without approaching other companies, due to increasing cost of living pressures. In the year to June 2023 only 66.1% of the 29 million household insurance policies were renewed without even approaching another company, down from 66.5% in the year to June 2022 and 67.2% in the year to June 2021. Over a fifth of household insurance policies, 23.2%, were renewed after approaching other companies, up 1.1% points from a year ago, while there is also an increasing market for new entrants to the market with 4.3% of household insurance policies taken out for the first time, up 0.4% points from two years 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 60,000 Australians per annum.

CORPORATES
ROY MORGAN LIMITED

INSURANCE POLICIES – AUSTRALIA]