The majority of respondents (56.5%) use multiple companies for insurance policies, as opposed to just using one provider. Most respondents (66%) had 1 to 2 insurance policies, with another quarter (27.5%) of the panel having 3 to 4 policies. The majority of consumers, roughly 60%, have never received benefits from the policies they currently have.
VHI is the most popular insurance company by far, with 43% of respondents currently having a policy with them. Axa was the next popular however there was a significant drop in popularity, with only 22.31% of respondents, nearly half the amount for VHI. 24.57% of respondents have insurance policies with companies that are not listed, also known as the “other” category. This demonstrates that there is plenty of competition and fractionation among consumer facing insurance providers.