More than three-quarters of general insurance customers renew their policies each year without considering what’s available – or the price – from other insurers.

Roy Morgan research published today says 50,000 Australians who carry more than 120,000 general insurance policies were surveyed to establish that in the past year 77.4% of policies were renewed with the same insurer without any other companies being approached for quotes.

This is down marginally from 79.3% five years ago, but the researcher says it represents “only a gradual change in buyer behaviour in this highly competitive market”.

Almost one in five of the more than 120,000 policies (19.8%) were subject to review, but even then most customers decided to stick with their current insurer.

Of that 19.8% of policies that were reviewed, 15.1% were renewed with the same company after approaching other companies, and 4.7% changed companies.

In 2013, 11.9% stuck with the same company after review, and 5.8% switched.

The most loyal customers, based on the proportion of policies renewed without review, are with RACV Insurance (81.7%), Perth-based RAC Insurance (81.6%) and RACQ (80.8%).

“These companies are well above the industry average of 77.4%,” Roy Morgan said.

The least loyal customers are with Budget Direct (60.8%) and Youi (70.3%).

“This analysis has shown that despite the fact that the clear majority of general insurance policies are automatically renewed with the same company, there are risks and opportunities,” Roy Morgan Industry Communications Director Norman Morris said.

“The number of policies being considered for change over the past 12 months was 9.8 million, an increase from 7.9 million five years ago.

“The number of policies actually changing insurers over the last year was 2.3 million, down from 2.6 million in 2013.

“These large numbers represent major marketing potential and as a result it is important to understand why policyholders move or at least look around.”

The main reason given for switching or shopping around is “better premiums”, he added.