Market Report, "Key Consumer Trends for Insurance Providers in 2010", published

Nov. 8, 2010 - PRLog -- Global insurance premium growth has been negative for the past two years. This reflects the recession's negative impact on the mainly mature markets in Western Europe, North America and Japan. This requires new thinking on how products, marketing and business strategy fits together in an increasingly consumer-centric market.

Scope

* This report examines the shift in consumer attitudes towards insurance over the June 2009 to June 2010 period
* This report is global in scope, examining issues impacting 19 international insurance markets
* This report analyses the impact of the global downturn and the subsequent change in consumer needs on the general and life insurance markets

Highlights

The global financial crisis has had an impact on all consumers and their attitudes and motivations for buying insurance. In this challenging environment it is no longer sufficient to  react to consumer behaviors, rather insurers need to understand the trends & influences behind insurance purchasing decisions.

An obvious strategy for growth hungry insurers is to establish operations in rapidly expanding markets where demographics and economic conditions favor growth the most. This has been the strategy of a few insurers in recent years, with mixed results.

The wave of consumers, across all markets, streamlining  lifestyles has had direct implications for  insurance markets. Policyholders lowering the level or cutting the features of their policies to cut costs. This behavior has been relatively constant as most economies have exited the recession since 2009, though it is uneven across product type.

Reasons to Purchase

* Understand the impact that the recession has had on your customer base
* Understand how to target the changed insurance needs of the post-recessionary consumer
* Access Datamonitor's time series survey data to help you understand how your clients have been affected over time

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/91005_key_consumer_trends_for_...

Partial Table of Contents:

Overview 1
Catalyst 1
Summary 1
Methodology 1
Table of Contents 2
Table of Figures 3
Table of Tables 4
Introduction 5
A challenging insurance environment requires a more targeted approach to insurance sales 5
Global premium income declined for the second year in a row in 2009 5
This report aims to give insurance providers a framework with which to more effectively connect with target consumers 6
Datamonitor's insurance consumer insight has line of sight to survey data 6
A post-recessionary consumer segmentation model gives insight into the thinking behind purchasing behavior 6
Consumer Context 9
Trend: Macroeconomic indicators point to a weak recovery in mature markets 9
Low growth is forecast for most European and American economies 9
Tighter regulations in mature markets will likely depress growth in the short term 10
Solvency II will see European insurers focus more on regulatory compliance than growth 10
Government reactions to the global financial crisis have also resulted in regulatory uncertainty 11
Insight: Mumbai, Dubai, Shanghai or good-bye to high growth in insurance markets 12
Emerging economies are attractive to insurers searching for growth due to growing insurance density and penetration 12
Economic and GWP growth will be considerably more robust in emerging economies 12
Increasing material possessions and growing affluences are key factors behind the insurance opportunity 13
The expanding yet still young nature of many emerging markets is driving growth 14
Action point: Expand outside of home markets 15
Rapidly opening and expanding Asian markets must be a top consideration for expansion 15
Joint ventures work well for insurers wanting to tap fast-growing Asian markets 16
Sharia-compliant subsidiaries in the Middle East will be a necessary investment 16
Insurers in mature markets need to be ready to capitalize on the results of slow growth and aging populations 17
Maintain a single global brand, but differentiate messages that target post-recessionary consumer segments 18
Trend: Consumers are streamlining their lifestyles to try to live within their means 19
Consumer debt has reached truly epic proportions in rich nations 19
Consumers are aware their finances are precarious and are taking steps to find a firmer footing 21
Insight: This has driven consumers to disengage from many commoditized insurance products, viewing them simply as costs 22
Consumers will trade down to essential cover 22
Insurance sold alongside other purchases or products will suffer as a result 23
Streamlining consumers are also debt-adverse, reducing opportunities to sell payment protection products 24
Action point: Providers need to work with consumers' efforts to streamline their lifestyles 25
Reduce home insurance policy prices as liabilities decline due to fewer people buying the latest electronic gadgets 25
Fewer vacations, closer to home, represent a market for single trip policies 25
Prioritize aggregator distribution rather than partnerships with the motor trade 26
According to the consumer segmentation model, marketing to streamlining consumers needs to recognize their rational nature 26
Trend: Consumer confidence is fragile, as people can all too easily see themselves getting into trouble 27

Full Table of Contents is available at:
-- http://www.fastmr.com/catalog/product.aspx?productid=9100...

About Datamonitor

The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment.  View more research from Datamonitor at http://www.fastmr.com/catalog/publishers.aspx?pubid=1002

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