• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Insurance

Trust in insurance sector was improving pre-crisis: survey

Trust in insurance sector was improving pre-crisis: survey
  • Christopher Copper-Ind
  • @intlinvestment
  • 27 May 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Before the coronavirus outbreak consumer and business trust in the insurance profession was improving, according to the latest Chartered Insurance Institute Public Trust Index, published today.

The CII's survey revealed that, overall consumer and SME satisfaction with insurance increased slightly between 2019 and February 2020.

Related articles

  • CII to check firms diversity policies
  • Cyprus shows biggest improvement in global competitiveness report
  • Hong Kong banks offer liquidity support amid coronavirus outbreak
  • Chartered Insurance Institute to hold virtual AGM

The survey canvassed 1,000 consumers and 1,000 small and medium-sized enterprises (SMEs) and took took place in October 2019 with a second phase having taken place in January and February 2020.

The data that we have gathered will form an important baseline so that we can understand the impact on trust in insurance of recent events."

The poll showed knowing exactly what an insurance policy covered and excluded was only ranked the seventh most important factor (out of 50) for SMEs and the eighth most important factor out of 50 for consumers when buying insurance.

Loyalty, complaint handling, ease of doing business and assessing risk individually was ranked by SMEs as more important when buying and renewing insurance. For consumers, loyalty, speed of claims, price and complaints handling were ranked as more important.

Matt Connell, director of policy and public affairs of the Chartered Insurance Institute, said in light of headlines relating to travel and business interruption insurance and the nation's experience of making claims as a result of the coronavirus it will be interesting to see how consumers' and SME's confidence that policies will pay out for risks that are relevant to them will be affected by their experiences with covid-19.

He said: "The CII Public Trust Index is the only index that tracks public trust in insurance for consumers and SMEs on a quarterly basis. The data that we have gathered will form an important baseline so that we can understand the impact on trust in insurance of recent events, when we publish the next round of results in the summer."

"In addition, the CII trust index is the only index that identifies issues with trust in insurance - such as the confidence people have that all their relevant risks are covered, or the speed in which claims are paid - and identify ways in which insurers can change the way they operate to improve trust in future. As a result, we expect the trust tool to play a key role in improving trust in insurance through 2020 and beyond."

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Insurance
  • Chartered Insurance Institute Public Trust Index
  • CII
  • Chartered Insurance Institute
  • Covid-19

More on Insurance

Canada Life evolves support services and extends WeCare

  • Insurance
  • 20 January 2021
Zurich International Life and Mumbai City FC announce sponsorship

  • Insurance
  • 16 December 2020
Aviva to sell entire shareholding in Aviva Vietnam

  • Insurance
  • 14 December 2020
Allianz to acquire Westpac's general insurance business

  • Insurance
  • 02 December 2020
Jamaica rolls out 'end-to-end' travel insurance plan

  • Insurance
  • 02 December 2020
Back to Top

Most read

SharingAlpha's 2020 top rated funds by category revealed
SharingAlpha's 2020 top rated funds by category revealed
Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
Tabula launches world's first Paris-aligned fixed-income ETF
Tabula launches world's first Paris-aligned fixed-income ETF
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading