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European Motor Study
Ready for the customers’ switch?
In a recent study across European motor insurance markets, Deloitte has assessed the impact of changes in customer behaviour on the industry. We asked 8,688 customers across 8 European countries, including Ireland, about their insurance purchasing decisions.
Below you can read more about our Irish survey findings
An Irish Perspective
Deloitte’s findings suggest that the European motor insurance market is heading towards a less stable environment where customer behaviours will be more volatile. This trend is more mature in Ireland as the survey findings show that there is less loyalty here than in other markets across Europe. In Ireland between 40 and 50 percent of respondents have been with their insurance providers for the last two years at most. In comparison, between 40 and 60 percent of respondents in France, Germany and Switzerland have been with the same insurance provider for five years or longer.
With premium rates increasing rapidly, ever greater access to information and significant adoption of digital channels, we expect that Irish customers will be shopping around and changing providers even more than in the past. Based on our survey results, we expect the rate of switching in Ireland to more than double by 2020.