Irish more likely to switch insurers, global survey finds

Some 45 per cent cent of Irish customers are likely to switch insurance provider in the next 12 months, according to the findings of EY’s Global Consumer Insurance Survey.

This figure, which excludes life insurance, can be compared with 26 per cent globally.

This is largely attributed to the fact that Irish consumer decisions are often motivated by the costs and terms of their policy.

The survey of about 24,000 people in 30 countries examined what matters most in the relationship customers have with their insurers, how they interact and how satisfied they are with the range of policy offerings.

Half of Irish respondents claimed to have moderate trust in their insurance providers. Only 3 per cent had complete trust – the lowest figure globally.

James Maher, insurance sector lead for financial services at EY Ireland said: "The low levels of trust and high degrees of switching intent among Irish customers may reflect the limited personal interaction they have with their insurers.

“Irish customers often research prices online when policies are taken out and this is also a trigger for switching.”