EIOPA has published its seventh annual consumer trends report and accompanying press release outlining key developments in the European insurance and pensions sector. The report provides statistical analysis of all aspects of the insurance and pensions sector including trends in sales volumes, commission rates, distribution channels and complaints. While there were no significant shifts in 2017, certain trends have continued from previous years.
The increased use of technology has become more noticeable across all lines of business, but in particular, among the most common non-life insurance products such as motor insurance (e.g. 60% of which was obtained through price comparison websites in the United Kingdom). The report also notes a steady increase in the purchase of cyber-risk insurance products as concern about cyber-attacks grows among consumers.
In the life sector, there has been a continued reduction in profit participation products while there has been a 42% increase in index-linked and unit-linked insurance. This is now the largest life insurance line of business.
Complaints have raised across the non-life insurance sector but in particular, travel insurance complaints experienced an 85% growth (mostly regarding sales).
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.