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Triple-I Blog | Insurance will face COVID-19 side effects even after the pandemic has ended



A new survey by the Insurance Research Council (IRC) shows that two-thirds of respondents worked from home at least part of the time during the COVID-19 pandemic. The survey, which was conducted in October, also reveals that half expect to continue working from home altogether or switch between working and not working from home in the future.

Many consumers also expect to continue shopping online, and almost half say they expect to do less personal shopping in stores even after the pandemic. Both findings point to a continued reduction in vehicle travel.

One third of homeowners stated that they had carried out extensive home improvement projects since the pandemic began. Significant home improvements have insurance consequences insofar as they increase the cost of compensation for the home or, in some cases, for example the installation of swimming pools, entails additional liability risk. Other developments in pandemics with a possible impact on liability risk include the number of Americans adopting dogs (21 percent) or acquiring firearms (13 percent).

The study also examined attitudes to economic conditions and measures taken in response. Half of those surveyed said they were worried about their financial future. the most common measures taken were to reduce travel and entertainment expenses. A small proportion of those surveyed stated that they had taken measures to reduce insurance costs, such as buying cheaper insurance or reducing coverage.

can continue even after the virus is under control, says David Corum, CPCU, Vice President of IRC. "The results also reveal that younger, urban and lower-income consumers have been hit harder by many economic aspects of the pandemic."

The report, Consumers' response to the pandemic and the consequences for insurance presents results from the October 2020 survey among 2147 adults who acknowledged some role in household insurance decisions.

For more information on the study methodology and results, contact David Corum at (484) 831-9046 or by email at IRC@TheInstitutes.org.

ABOUT IRC: The Insurance Research Council (IRC) is a division of the Insurance Information Institute (Triple-I), the trusted source of unique, data-driven insights on insurance to inform and empower consumers. IRC provides fast and reliable research to all parties involved in general policy issues affecting insurance companies and their customers. The IRC does not lobby or advocate legislative positions. It is supported by leading insurance organizations for claims.


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