NAILBA ID Trends Resource Guide 2020-21 | Page 18

18 ID Trends 2020

Impact of the recession on ability to pay for existing or new insurance :

To what degree is the economic downturn negatively impacting your ability to meet your insurance needs ( purchase new and / or keep existing coverages )?
12 % Very strong impact
16 % Strong impact
21 % Moderate impact
17 % Small impact
34 % No impact
2 in 5 consumers say the recession could make it difficult to pay for existing insurance coverage ( s ). Which insurance ?
Life insurance
Health insurance
Disability insurance
Property-Casualty insurance
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20 July ‘ 20 March ‘ 20
26 % 19 % 33 %
25 %
18 % 35 %
20 %
14 % 25 %
18 %
16 % 32 %
Insurance owners are also more likely to be concerned about the recession ’ s impact on their ability to pay for existing coverage than they were in July .
Across all product lines , insureds under the age of 50 are more likely than older insureds to express concern about paying for their coverage ( s ).
Base : Applicable insureds .
Half of consumers say the recession could make it difficult to buy new insurance coverages they need . Which insurance ?
Life insurance
Health insurance
Disability insurance
Property-Casualty insurance
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20 July ‘ 20 March ‘ 20
Oct ‘ 20
8 %
July ‘ 20 6 % March ‘ 20 8 %
25 %
18 % 34 %
21 %
16 % 24 %
14 %
11 % 19 %
Though fewer than in March , there ’ s been an increase in consumer concerns about their ability to purchase new insurance in recent months .
One ’ s concern about their ability to buy life insurance increases by the degree to which COVID-19 has heightened their need for the product .
Source : Consumer Sentiment in the Time of COVID-19 , October 2020 , LIMRA