Insurance Industry to Face COVID-19 Side Effects

A survey from the Insurance Research Council shows that two-thirds of respondents worked from home at least part of the time during the COVID-19 pandemic. The survey, conducted in October 2020, also reveals 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.

One-third of homeowners indicated they had undertaken substantial home improvement projects since the start of the pandemic. As mall percentage of respondents indicated that they had taken steps to reduce insurance spending, such as shopping for less expensive insurance or reducing coverage. The report presents findings from a survey of 2,147 adults who acknowledged some role in household insurance purchasing decisions.