Eurobarometer 2024: consumer trends in insurance and pension services

Household (62%) and vehicle insurance (57%) are the two most common insurances consumers typically own. 

Consumers agree that vehicle (69%) and household (68%) insurance savings products offer more value for money.

A private pension (39%) is the less purchasable / renewed insurance product because of high fees, difficulties, understanding the product or poor performance, or limited coverage. 

Consumers with private and occupational pension schemes (65%) felt more confident about living financially comfortably in retirement. 

In contrast, only 36% of consumers without a private pension scheme feel that they will have enough money to live comfortably during their retirement years.

Most consumers (60%) agreed that they can find customized insurance products and services online that fit their needs and preferences. 

However, only 30% of consumers trust that chatbots offer accurate and complete support in their purchase.

56% of consumers trust that their employer is involved in the distribution and/ or design of insurance and private pension plans to ensure a good and adequate retirement outcome. 

64% of consumers don’t purchase insurance products from a provider based in another country, even if they operate in their country of residence. 

The primary reasons why consumers don’t have a private pension scheme are insufficient financial resources (28%) and lack of awareness (19%).

Customers in the Netherlands (25%) and Denmark (22%) without a private pension agree that their main reason is their full satisfaction with the occupational pension scheme.