Customers rarely switch insurers despite premium increases
Published: Monday, Sep 2nd 2024, 18:30
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According to a survey conducted by the University of Lucerne, nine out of ten people in Switzerland are paying higher health insurance premiums this year than in the previous year, and every second person is paying higher premiums for non-life insurance. Nevertheless, only a small proportion switched to a cheaper offer.
Health insurance premiums represent a high average financial burden for the population living in Switzerland, as the authors of the "Swiss Insurance Monitor 2024" announced on Monday. A total of 89% of the 1009 respondents to their survey, which was conducted in collaboration with Yougov, were affected by an increase in premiums.
Although many feel the burden of health insurance premiums is high, almost a third of those with health insurance have not done anything about it despite the premium increase. One in five stated that they had thought about switching. However, only 5% of all respondents who will have to pay a higher health insurance premium in 2024 have actually changed health insurer. 8 percent changed their policy within the same health insurance company.
Around half of those surveyed are also paying more for property insurance this year. However, the perceived financial burden of premiums has decreased over the course of the year, according to the press release. Among those with property insurance whose premiums were increased, over 40 percent did nothing, just under one in five thought about switching, 3 percent changed their policy and 4 percent changed provider.
The survey was conducted online among 1009 people living in Switzerland. The survey took place between June 4 and 12, 2024 and is representative of the Swiss population, according to the press release. The "Swiss Insurance Monitor 2024" is part of the Swiss Consumer Studies conducted by the Institute of Marketing and Analytics (IMA) at the University of Lucerne.
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