In a scenario of increasing instability, life protection has taken on a new meaning
The covid-19 pandemic has brought unexpected challenges for businesses around the world. The insurance sector is no exception, having suffered a significant decline in business during 2020: it went from 12.3% growth in 2019 to 1.3% the following year, according to data from the National Confederation of Insurers (CNSeg).
However, insurance companies weathered this crisis well, performing positively and better than most other segments of the economy, according to the president of CNSeg, Marcio Coriolano. Now, they are enjoying a strong recovery thanks to unprecedented measures to meet customers’ needs.
Data from Susep (Superintendence of Private Insurance) released earlier this year reveal that the sector raised R$275.21 billion the year-to-date, an increase of 13.1% compared to the same period of the previous year. The highlight goes to the life insurance segment, with R$21.08 billion collected, an increase of 17.3%. Among the reasons for this recovery, it is the change in the customers’ perception of life insurance.
Due to the pandemic, insurance is now necessary protection against unforeseen circumstances rather than an investment product. Such shifts in consumer mindsets have reminded companies of the importance of customer-centricity. Insurance market players quickly adapted and introduced specific coverage for pandemics, as well as policies tailored to customers’ expectations and requirements.
Searches for the term “life insurance” on Google doubled in 2021. A quick search on Google Trends reveals that the term is still on the rise, a sign that Brazilian interest in life insurance is here to stay. Whether it is the perception of the fragility of life, or the fear that the family will be financially helpless, the need to protect against unforeseen events is a priority in the post-pandemic world.
It is not possible to say when and if the new coronavirus (Sars-CoV-2) will disappear. Despite the widespread feeling that the pandemic is over, the reality is not so optimistic. In China, for example, a new lockdown was decreed after the number of cases increased, even though most of the population had been vaccinated.
In a scenario of increasing instability, with the world having to deal with the effects of a health and economic crisis, as well as a war in Eastern Europe, whose effects are also felt on all other continents, the future is surrounded by uncertainty. Life protection has taken on a new meaning.
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