The global financial crisis has affected insurers’ ability to reach new customers, according to a report by Ernst & Young.

The way people view their insurance needs has now changed, it says.

“But the prospects are bright for those insurers that can not only revamp their distribution channels to take advantage of new purchasing habits among consumers, but can also find new ways of encouraging customers to buy,” the report says.

“[Companies must] present insurance as an essential and valued part of everyday life.”

Social media is a crucial tool in attracting new customers, but the report warns such a strategy carries reputational risks.

“In rapid-growth markets companies that can ‘relaunch the brand’ and reach customers for whom insurance is a new prospect will be well placed as household incomes grow.”

“This is not limited to rapid-growth markets: the Hispanic market for insurance services in the US is a strong example of a non-traditional, rising market within a mature economy.”

The report identifies slow growth as the main area of concern for insurers, followed by regulation and the eurozone debt crisis.

Ernst & Young surveyed more than 65 insurers around the world for the report.