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The European Insurance and Occupational Pensions Authority (EIOPA) is required under its empowering legislation to “collect, analyse and report on consumer trends”. The primary purpose of this overview is to provide an initial European view of consumer trends in the insurance and pensions sectors, in a concise format.
An initial methodology was adopted for the purposes of identifying trends for this first overview, which involved carrying out a stock-taking exercise of Members’ experiences in relation to consumer trends in their respective jurisdictions, affecting the insurance and pensions sectors. A more detailed methodology based on data collection is being developed by EIOPA at present in order to provide EIOPA with the material necessary to issue regular reports on consumer trends in the EU.
The following three key consumer trends were identified by EIOPA Members:
(i) consumer protection issues around payment protection insurance;
(ii) increased focus on unit-linked life insurance products;
(iii) increased use of comparison websites by consumers.