Covid-19 Remains Prevalent Influence Towards Insurance Adoption; Zurich Report Finds

Covid-19 Remains Prevalent Influence Towards Insurance Adoption; Zurich Report Finds

Its 2021 Customer Benefits Paid Report revealed that people are giving more consideration to insurance cover, especially since the advent of the Covid-19 pandemic. With Covid-19 the major health story of 2020, the pandemic has had a marked effect on people's behaviour towards financial protection. According to a YouGov survey commissioned by Zurich, only 22% of respondents felt financially prepared for unfortunate family events. Interestingly, more male respondents (65.56%) felt somewhat/well prepared, compared to 56.07% of women who felt the same. Across all age categories, more than half of respondents said that due to Covid-19, they were somewhat likely or extremely likely to consider purchasing life or critical illness cover, with more than 63.3% of respondents aged between 18 and 34 stating that they had already purchased life insurance since the start of the global crisis. Citizens of the Middle East are also paying increased attention to the benefits of a healthier lifestyle, with many taking up exercise, yoga, and other physical and mental wellbeing activities in a bid to reduce or mitigate the risks of developing long-term, serious illnesses. This factor is especially prescient, as the report highlights the strong correlation that exists between critical illnesses and life insurance