NAILBA Perspectives Virtual Symposium Special Edition | Page 8

CONSUMER SURVEY
Predicted impact of a recession on
ability to pay existing insurance
40% of consumers say a recession could make it difficult
to pay for existing insurance coverage(s). Which insurance?
Health insurance
Life insurance
Property-Casualty insurance
Disability insurance
May ‘20
March ’20
Base: Applicable insureds.
19 % 35 %
24 % 33 %
17 % 32 %
20 % 25 %
Note: On June 8, 2020, the National Bureau of
Economic Research announced that the U.S. economy
entered a recession in February 2020.
Insurance owners are less concerned about a
recession’s impact on their ability to pay for existing
coverage in May than in March.
Concerns about one’s ability to pay for their insurance
is highest among insureds who were recently laid
off due to COVID-19. Many of these individuals have
employer-sponsored coverage only. Insurance owners
in their 30s are also more likely than other age groups
to express this concern.*
*Too few disability owners to compare consumer groups
Predicted impact of a recession on investing
Nearly 2 in 3 investors say they would either maintain their investment
levels or invest more money in the event of a recession this year. Men are
more likely than women to say they’d make more and riskier investments.
As expected, this confidence decreases with age.
If the U.S. economy enters a recession this year…
Generally speaking, which of the following actions
would you be most likely to take with your investments?
How would you likely change your overall
level of investment risk?
Invest more money
20 %
19 %
Take on more risk
12 %
15 %
Maintain curren
investment levels
41 %
44 %
Maintain current
risk levels
43 %
53 %
Invest less money
24 %
23 %
Take on less risk
23 %
25 %
Pull money
out of current
investments,
not re-invest them
12 %
17 %
Pull money
out of current
investments,
not re-invest them
12 %
17 %
May ‘20
Base: Investors.
March ’20
Note: On June 8, 2020, the National Bureau of
Economic Research announced that the U.S. economy
entered a recession in February 2020.
May ‘20
Base: Investors.
March ’20
Note: On June 8, 2020, the National Bureau of
Economic Research announced that the U.S. economy
entered a recession in February 2020.
8 Perspectives Q3 Special Edition 2020