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28 September 2020
Price comparison websites will become even more popular in insurance as consumers look for savings wherever possible as economies enter recession amid the COVID-19 pandemic, GlobalData says.
In the UK 31% of motor insurance sales, 27% of home insurance sales and 22% of pet insurance sales are directed through price comparison websites, a GlobalData consumer survey last year found.
It says direct buying is the most popular channel across these three lines of business, and the websites will gain ground as consumers seek the best deals. The four largest sites are Comparethemarket.com, Moneysupermarket.com, Confused.com and Gocompare.com.
Analyst Yasha Kuruvilla says while economists predict a return to growth in 2021, price comparison websites are poised to enjoy a period of increased traffic from consumers in the near future.
“Travel insurance may be one line where the opposite occurs, with price comparison sites seeing less traffic as consumers value extensive cover to protect themselves against coronavirus-related events more than the price of a policy,” Mr Kuruvilla says.