’Our Public Trust Index is an important barometer for the whole insurance profession,’ says group chief executive
Consumer satisfaction with travel insurance policies has reached its highest level since records began in 2018, new figures published today (5 September 2023) revealed.
According to the Chartered Insurance Institute’s (CII) Public Trust Index data, 84% of travel insurance customers reported that they were satisfied with their travel insurance policies.
The data also revealed that consumers aged between 18-34 were more satisfied with all form of insurance policies over the past five years.
The Public Trust Index added that 87% of consumers who had recently bought a travel insurance policy were satisfied with their purchase, compared to just 76% in July 2021, when the sector was facing challenges following the Covid-19 pandemic.
Only 5% of consumers said they were not satisfied with their purchase in these latest data, compared to 8% in July 2021, with the remainder neither satisfied nor dissatisfied.
For the research, the CII surveyed around 1,000 consumers and 1,000 SMEs on their satisfaction with a range of insurance policies every six months. The index also examined consumer responses by age, gender and ethnicity.
However, the data warned that there had been a downward momentum in satisfaction among consumers aged 55 and over, from 91% in 2019 to 83% in these most recent results.
Meanwhile, the proportion of respondents who said they were satisfied with their buildings or contents insurance policy fell to 81%, while consumer satisfaction with motor insurance policies fell to 85%, consistent with the recent publication of research by the ABI, published earlier this year (23 August 2023).
CII’s group chief executive, Alan Vallance, commented: “Our Public Trust Index is an important barometer for the whole insurance profession.
“While it’s pleasing to see an improving picture for some groups of consumers and for some policies, much like our UK summer it’s by no means a sunny outlook across the insurance market.
“The CII encourages our members and other sector participants to act on these latest findings, to maintain and build public trust in the insurance profession.”
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