Global Financial Crisis Impact on Insurance Industry (infographic) – InsuranceFiles



Global Financial Crisis Impact on Insurance Industry (infographic) – InsuranceFiles

http://www.insurancefiles.com/blog/global-financial-crysis-impact-on-the-insurance-industry.html

…Since the 2008 global financial crisis, the insurance industry has been on a tumultuous ride. Life insurance premiums have dropped more than 40 billion since 2008, crippling the amount of business agents have been able to write in that vertical.
One of the biggest issues is the increasing numbers of consumers who change carriers. The rising rate of customer churn in 2008 saw 52% of all shoppers look for new auto insurance of which 39% switched their insurance providers.
And the movement of consumers is still a major issue. In a recent survey by ComScores, 1 in 5 people said they were likely to shop for auto insurance due to the economy. Many agents who rely on long term customers need new ways to attract new customers…



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