MidBritain and Insurance for the retired
Introduction
Retired people provide insurance companies with a loyal customer base. Almost two thirds (65%) of consumers in the retired category have been with their home insurance provider for more than five years compared to the average of 48%.
It is important for insurance companies to speak directly to retired consumers as they are considerably more likely than their working counterparts to purchase their home contents insurance direct from an insurer. If they are less likely to shop around, it makes them ideal candidates for a combined (home contents/buildings insurance) sell.
MidBritain and Insurance
6.9 million MidBritons are retired with 69% of them agreeing that it is important to be well insured for everything. They are 8% more likely to agree than the average MidBriton.
Retired MidBritons are interested in financial information; 81% of retired MidBritons agree that they are good at managing their money. They are 62% more likely to read the financial sections of their newspapers and they like to invest. 3.7 million agree that they look for profitable ways to spend their money.
MidBritons are ideal targets for insurance advertising.
MidBritain’s worth for Insurance Providers
The average value that a retired MidBriton’s property is insured for is £195,832, this is 34% higher than the average for the whole UK population. The market value for retired MidBritons’ home contents insurance was worth £2.5 billion in 2006.
The MidBritain Opportunity
Retired people are ideal targets for insurance advertising as they really appreciate the value of insurance. They are also brand loyal; there are 517,000 retired MidBritains Mail brand readers who took out home and content insurance with the same company over five years ago. This shows that once they have been persuaded, they are likely to remain brand loyal.
They are high value consumers. The average value of a home and contents policy for a retired MidBritain Mail brand reader is £182,431. Plus they're avid readers of newspaper financial pages; retired MidBritain Mail brand readers are 59% more likely than the average MidBriton to agree that they read the financial pages of the newspaper.
Sources: TGI GB 2007 Q2 (Jan 06 – Dec 06), Mintel - Home Insurance UK July 2006
