ibn logo bar
March/April 2021   Volume 32, Number 2        
 

Some Consumer Responses to the Pandemic

A new survey from the Insurance Research Council (IRC) found that two-thirds of respondents worked from home at least part of the time during the COVID-19 pandemic.

The survey, conducted in October, also revealed that half expect to continue working from home entirely or alternate between working and not working from home in the future.

Many consumers also expect to continue shopping on-line, with nearly half saying they expect to do less in-person shopping in retail stores even after the pandemic retreats. Both findings point to a continuing reduction in vehicle travel.

The study also explored attitudes toward economic conditions and steps taken in response. Half the respondents said they were concerned about their financial future; the most commonly cited actions taken were to reduce spending on travel and entertainment.

“This survey suggests the effects of COVID-19, including those impacting the property-casualty insurance industry, may continue even after the virus is under control,” said David Corum, CPCU, vice president of the IRC. “The results also reveal younger, urban, and lower income consumers have been more severely impacted by many economic aspects of the pandemic.”

The report, Consumer Responses to the Pandemic and Implications for Insurance, presents findings from the October 2020 survey of 2,147 adults who acknowledged some role in household insurance purchasing decisions.

 

 

In this issue:

This Just In...

What Impact Will the Biden Administration Have on the Insurance Industry?

8 Major Cyber Security Concerns in the Age of COVID-19

Does Your Business Need Flood Insurance?

Some Consumer Responses to the Pandemic

 

 


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. Smarts Pro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher’s permission. All rights reserved. ©2021 The Smarts Publishing. Tel. 877-762-7877. www.smartspublishing.com