Insurance and Risk
This report studies a concept rather than a market. The aim is
to assess consumer attitudes to risks and risk taking and how these
attitudes impinge on the market for general insurance products. The
insurance market is designed to cover the risks inherent in
everyday life; therefore, how consumers view risks and price risks
is important for understanding how they approach the general
insurance market as buyers of risk cover.
Around 30 questions were asked in total, covering the following
topics:
- Ownership of general insurance products
- Insurance events suffered recently and insurance claims
made
- The insurance, financial, health/safety, recreational, ethical
and social risks consumers are prepared to take
- How risky consumers perceive a range of insurance, financial
and general life events
- How beneficial consumers feel taking risks can be to them
- Whether the insurance policies owned provide value for
money
- What factors influence which policies are purchased
- How well consumers understand the policies they own
- How vulnerable consumers feel they are to insurance risks
- How well do consumers cover the insurance risks they are
exposed to?
- How well consumers can cover the financial consequences of a
claim event without insurance cover
- How much consumers are prepared to pay to cover insurance
risks
- Consumer personality types.
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