The Post Covid Consumer: Buyers Unmask New Plans To Shave Costs And Shred Cares

37,000 high income insurance clients of 150 high income agents Want  “Fresh” when the Refresh Comes: Results of a survey by the Private Risk Management Association

A December 2020 Private Risk Management Association survey documented the leading concerns of insurance consumers going into 2021. Understandably, the coronavirus, travel and family safety, weather, and the ability to retain insurance coverage top the list. More than one-hundred-fifty agents and brokers representing 37,000 clients found many feeling vulnerable about the future.

Some stats:

· 76-percent of risk managers responding to the survey said that family safety and financial concerns stemming from the pandemic are impacting their clients

· Nearly 54-percent cite catastrophic weather (hurricanes, floods & fires) worries keep their clients up and night

· 50-percent say travel and personal safety weighs on the minds of their clients

 · 30 percent of risk managers say that the ability to secure and keep insurance coverage is also an issue, ranking just above cybersecurity concerns.

This data underlies the importance of homeowners taking proactive measures now to prepare against potential losses, making their homes more flood, fire, and storm-proof.

Lisa Lindsay, executive director of PRMA, says risk managers can work with clients to lower their risk exposure as the survey’s results show that:clients are more actively renovating right now. Many said their clients are engaged in more high-risk activities like horseback riding and motorsports.

 Some want to make their homes more fire and flood-resistant, positioning themselves as a better insurance risk in a tightening market.