UK consumers willing to pay more for policies from sustainable insurers: GlobalData

According to a survey conducted by GlobalData, 41.4% of UK consumers are willing to pay more for an insurance policy from a provider with a good record of sustainability, with a further 10.2% sitting on the fence.

Ben Carey-Evans, Senior Insurance Analyst at GlobalData, states, “These survey results come amid the COP27 conference, where leaders from all industries are meeting to discuss climate change solutions.

“The survey responses show that action from leading businesses and insurers make will be supported by UK consumers. UK insurers should start prioritizing sustainability, even if it means they have to charge higher premiums as a result.”

This same question was asked in previous GlobalData surveys, notably in its 2022 UK SME Insurance Survey, conducted in Q2 and Q3 2022.

At the time, this survey revealed that 65.3% of small businesses felt sustainability was either important or very important, but it was ranked towards the bottom out of a list of factors they considered when purchasing an insurance policy.

Source: Reinsurance News, https://www.reinsurancene.ws/uk-consumers-willing-to-pay-more-for-policies-from-sustainable-insurers-globaldata/