Insurance Trends to Track

Insurance Trends to Track



A recent insurance trend analysis showed that among health, life, auto, and home insurance, Florida residents are second in the country when searching for health insurance, only surpassed by Utah. Granted, both locations are known for having a large population of retirees; however, it is a non-age-specific trend that people are more concerned with personal insurance than insuring their possessions, such as their homes.

As a result of the current administration, health insurance has seen an increase, while other insurances, specifically life insurance, have seen a decline.

When it comes to automotive insurance, companies such as Progressive are aggressively trying to keep current customers, while market incentives to new clients. One such strategy is a reduction in rates and added discounts and coverage to policies for motorcyclists. This attention to bikers has a correlation to the increased number of people trading their vehicles for motorcycles, which can be less expensive to insure.

Consumer insurance surveys have shown the majority of consumers with auto and homeowners insurance are satisfied with their insurance companies and policies. The study also found that most consumers were satisfied with the experience of shopping for auto insurance. Based on people who have shopped for auto insurance within the last year, three out of four people were very satisfied with their experience. This satisfaction can be traced to the convenience of the Internet when shopping for insurance from the comfort of home.

While Florida's jobless rate is still in the double digits, and foreclosures are up 15 percent from last year, financially cautious consumers are still managing to find ways to insure the things most important to them. No matter whether its health, auto, home, or life insurance, savvy consumers realize that being without any one of these can be more detrimental than the required premium.