Latest YouGov data sheds light on how consumers in Australia, China, Hong Kong, India, Indonesia and Singapore expect to adjust insurance spending
The pandemic changed the perception of insurance as more individuals felt the need to be prepared for unforeseen situations. But with cost of living on the upswing, will the insurance sector suffer a setback? In a recent survey, YouGov asked consumers across 18 markets the first areas they would make cutbacks if household budget were squeezed due to an increase in cost of living.
Looking at the results across APAC, one in six consumers said they would cut back on insurance policies or premiums (15%), comparable to the global average (also at 15%). Having said that, insurance is still considerably resistant to cost of living increases, while eating out (56%), travel (51%) and clothing (44%) top the areas of spending consumers would cut back on to reduce household expenses.
Comparing the APAC markets, the highest numbers came from Australia, with almost one in five saying they would cut back on policies or premiums (18%). Hong Kong and India had similarly high figures, at one in six (16% for Hong Kong; 15% for India).
Those in Singapore and Indonesia appear slightly less resistant to cost of living increases, with just one in eight looking to cut back on insurance in the wake of higher costs (12%).
Breaking down the data according to age, adults in APAC aged 35-44 are most likely to say they will make cutbacks on insurance (16%).
The same is true in Hong Kong (22%), but reversed in Singapore, with consumers aged 35-44 one of the least likely to cut back on insurance (10%), as compared to their older counterparts aged 45-54 (15%) and above 55 (14%).
Meanwhile, in Indonesia and Australia, those above the age of 55 are most likely to say they would cut back on insurance in the wake of rising costs (28% for Indonesia, 22% for Australia).
YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18 and over in 18 markets with sample sizes varying between 508 and 2,065 for each market. All surveys were conducted online in May 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. APAC data is based on a sample of 5,675 adults. Learn more about YouGov RealTime Omnibus.