Exactly 44.4% of insurance customers switched their policy providers in 2022, reveals research
More than two out of five (44.4%) UK home insurance customers switched policy provider in 2022, according to Confused.com’s UK Home Insurance Statistics 2023 report.
Released yesterday (22 May 2023), the price comparison website’s report highlighted that 75% of UK customers chose to shop around for a policy before committing to a purchase in 2022.
Despite this proclivity for shopping around – and while 44.4% of customers chose to switch policy provider – Confused.com added that 55.6% chose to remain with their provider last year.
Its report additionally highlighted that over 80% of policyholders who did decide to renew their combined cover with their incumbent supplier still searched for alternative policies or negotiated a new deal before agreeing to renew.
The statistics from Confused.com’s report were drawn from its customer data across 2022.
Changing provider landscape
High levels of provider switching and shopping around indicated that price was a primary concern for home insurance customers, as a Consumer Intelligence home insurance report cited by Confused.com demonstrated.
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Despite this however, Consumer Intelligence’s report found that less than half (44%) of customers were offered a lower price after shopping around for alternative policies in 2022.
Policy Expert had the highest customer retention rate in 2022, with nearly 87% of customers choosing to renew their existing home insurance policies with the insurer.
NFU Mutual followed closely in second place, with 84.7% customer retention.
Speaking to Insurance Times however, a spokesperson for NFU Mutual explained that its retention rate for home insurance policies was actually between 94 and 95% across 2022.
Consumer Intelligence’s figures were drawn from surveys of home insurance customers and its results reflect the findings of the survey, rather than necessarily reflecting exact insurer figures.
The report also revealed that that customers from Nationwide, NatWest and Sainsbury’s demonstrated a high level of loyalty, with more than seven in 10 (75.1%, 75% and 74.7% respectively) choosing to remain with their home insurance providers.
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