The European Insurance Report 2015 covers 13 countries in Europe and the Middle East, focusing on older ages as well as health/morbidity protection gaps. December and thoughts of new year's resolutions are a long way off, but preparing a presentation for Nordic Risk & Insurance Summit (NORIS) 2015 has made me realise how similar our new year resolutions are to buying insurance.
We all have the experience of having fantastic intentions for the new year through various new year's resolutions, and then (often) failing miserably at keeping them. I have been invited a number of times to a new year's resolution party in February, and learning a new language, exercising more, losing weight, running a marathon, spending more time with family or your partner, learning to stress less about work etc... these are recurrent themes, often by the same person a few years running!
This inaction is seen, too, in how people feel about their financial vulnerability (more than half realize they or their families will be in real trouble were they not able to work anymore due to a health shock). Of those that are vulnerable, and that intend to buy additional protection, our research shows that less than half (sometimes less than a third) actually do act on that intention and actually buy cover.
With decreasing state support being almost a certainty in the future, it is becoming important to understand this consumer behaviour of inaction, and finding ways to overcome and challenge it.
Find out more in our European Insurance Report 2015 here: http://bit.ly/1JfJrGA
Category: Funding longer lives: Health/medicine, Long-term care, Longevity risk