Exploring Insurance Consumers’ Opinions on ESG
As the global focus on Environmental, Social and Corporate Governance (ESG) increases, the insurance industry is no exception. To gain a better understanding of consumers' views on ESG and their willingness to make sustainable choices, we have conducted a survey of 1,000 insurance customers. The results shed light on consumers' attitudes towards sustainability and how these factors impact their insurance purchasing decisions. In this blog post, we explore the key findings of the survey and what they mean for the insurance industry going forward.
We have found that 22% say they would consider paying more for a policy that helps the planet. This intends many customers are open to making green choices but also want to be sure that the products and services they receive are of a high standard. We are seeing more 'green' insurance products entering the market, with a range of options now available for customers who want to make environmentally-friendly choices.
However, 36% say they would be worried about the reliability and quality of second-hand (recycled) car parts. This suggests that consumers are cautious about the quality and reliability of recycled repairs, particularly when it comes to car insurance. This highlights an important challenge for insurers who are looking to introduce more sustainable practices into their policies.
Overall, our survey suggests that there is a growing interest in ESG among insurance customers, but a caution about the impact of these policies. For insurers, this means that there is an opportunity to differentiate themselves by offering high-quality, sustainable products and services that meet the needs and expectations of consumers. By doing so, they can not only reduce their environmental impact but also attract and retain customers who value these choices.
