TransUnion South Africa Insurance Trends Survey H1 2024
Understand Consumer Insurance Choices in South Africa
Explore the latest trends in consumer insurance preferences with TransUnion's H1 2024 Insurance Trends Survey.
This in-depth report offers valuable insights into South African consumers' insurance habits and preferences. Learn how different types of insurance are utilised and what drives consumers to switch providers to inform your business strategies.
Key findings and critical insights include:
- A significant majority of respondents with car insurance also held life (79%), funeral (78%) and medical (72%) insurance. However, homeowners and home contents insurance were less common (49% and 47%, respectively).
- A significant 64% of homeowners did not have homeowners insurance; 49% cited an inability to find suitable insurance and 24% believed they don't need it.
- Preferred methods for sourcing car insurance quotes included insurance company service/call centres, provider websites and comparative quote websites.
- Over half (55%) of those who shopped for car insurance switched providers, primarily for cheaper premiums (41%) and better coverage (23%). Loyalty was the top reason for not changing (24%).
This report is essential for understanding consumer behaviour trends in the insurance market and can help you refine your business strategies to better meet consumer needs.
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