Insurers are least trusted

Michael Lloyd

March 13, 2018

Insurers are the least trusted type of organisation according to a report from The Syndicate, the research arm of Protection Review.

According to the poll they are less trusted than banks, high street retailers, Google, airlines, price comparison websites and healthcare providers.

Some 48% of people did not trust that insurers would pay a claim and 53% expressed a preference for savings over protection. Price was a key objection with 61% suggesting that products were too expensive.

Jo Miller of The Syndicate, said: “This year’s research shows evidence of a population with an insurance mindset in terms of planning for the worst and appreciating that insurance can help, while remaining reluctant to actually buy protection.

“Most of our sample has a plan B in their minds, but when we asked about those plans in detail, many revealed that they didn’t believe their intended ways of coping would support them financially for very long and, in many cases, the idea of actually having to ask for help was an uncomfortable prospect.

“Many people expressed a clear preference for savings, which we have seen before, but as our analysis shows, almost everyone surveyed would quickly be left vulnerable if relying purely on savings in the event of a loss of income.”

Over half (55%) said that they didn’t like paying into a product that may not be needed. This suggests that the industry’s moves towards offering more tangible benefits such as counselling, rehabilitation and access to remote GPs is a step in the right direction.

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