A new YouGov Reports publication assesses the specialist insurance market, particularly examining changing trends within the sector, including the rise of sub-sectors such as gadget insurance.
The study reveals that within the specialist insurance market a number of subcategories are seeing significant growth, with more first time buyers entering the market.
Gadget insurance is one such sub-category, with 7% of holders saying they first started using specialist insurance six months ago or more recently, and a further 15% stating it was more than six months ago, but up to a year ago. This can partly be attributed to the proliferation of tablets and the desire to cover them; of those who took out gadget insurance in the last year, approximately three in 10 say it covers tablets. This makes it the second most popular type of insurance owned among these recent policyholders;
Six in 10 (60%) of consumers owning gadget insurance first started using their specialist insurance within the last three years , indicating that this is emerging market holds much in the way of opportunities for insurance companies in the future.
Tom Rees, Research Manager at YouGov Reports, commented on the findings, saying; “It is clear that companies offering specialist insurance need to react proactively to the changes in consumer behaviour, and the importance owners place on technological possessions in particular.”