Ripples from the pandemic are reaching homeowners insurers as the new normal transforms the housing market in multiple ways. The customer base is becoming more attuned to digital channels, more suburban, and more inclined to re-imagine home as an all-purpose refuge for living, working, learning, and playing.
These shifts are changing the overall homeowners business profile: where the risks are, what the risk looks like, and the claims experience they produce. And that may require insurers to adjust, making greater use of data-driven technology to understand the changes and respond to customers’ evolving needs and preferences.
- COVID-19 US Digital Sentiment Survey, McKinsey, April 2020
- A Guide for First-Time Pet Owners During the Pandemic, New York Times, May 6, 2020
- Hoping to Buy an Aboveground Pool to Salvage Summer? It May Be Too Late, New York Times, June 3, 2020
- Outdoor toy sales jump sky high, WNEP-TV, June 11, 2020
- Homebuilders just saw the strongest June sales since the last housing boom, as pandemic pushes more buyers to the suburbs, CNBC, July 13, 2020
- Existing-Home Sales Climb Record 20.7% in June, National Association of Realtors, July 22, 2020
- Young buyers drive pandemic demand, The Down Payment Report, June 30, 2020
- Generational Propensity, Realtor.com
- Percent change from same quarter prior year. ISO Circular AS-HO-2020-008 HOMEOWNERS FAST TRACK DATA: FIRST QUARTER 2020