A survey by the Taiwan Insurance Institute (TII) has shown that when buying property insurance, location and loyalty are important elements. More than 70% of consumers buy property insurance in the area in which they reside, and 80% of consumers turn to the same insurer.
The survey, which was based on available data, found the following features in property insurance purchases in Taiwan:
1. Those in the 30 -59 age group are most likely to buy property insurance
According to big data analysis by the TII, nearly 70% of those in the 30-59 age group tend to buy motor insurance, fire insurance and personal injury insurance. More specifically, auto insurance and fire insurance are the most popular among those aged 40-49. Personal injury insurance is equally important to those aged 40-49 and 50-59.
2. Home fire insurance largely bought via different channel than motor insurance
Nearly 60% of consumers bought auto insurance and personal injury insurance through insurance salesmen. However, when people buy home fire insurance, 41% of purchases is through the insurance agent. The latter is explained by the fact that home fire insurance is acquired in connection with housing mortgages.
3. Motor insurance and injury insurance are bought through the same channel
Nearly 83% of consumers buy car insurance and personal injury insurance through the same route.
4. Geographical connections matter in property insurance purchases
The survey found that 78% of consumers purchase auto insurance and residential fire insurance in the same area where they live.
5. Consumer loyalty to insurer is high
Up to 80% of consumers look to buy motor and personal injury insurance from the same P&C insurance company.