A new survey has found 14% of Australian consumers would be willing to drop their home or motor insurance if they are financially disadvantaged due to the coronavirus outbreak.

And more than 40% say they will look more closely at cover details for future purchases, according to the survey commissioned by Swiss Re.

The polling, completed during the second week of April, is part of a survey of 2500 respondents across Singapore, Hong Kong, mainland China and Australia to assess consumer views on insurance during the COVID-19 outbreak.

Australian consumers are less willing to cut home and motor cover compared to life insurance, which 28% of respondents are willing to forego. Some 42% say they would cut financial adviser costs, 38% would sacrifice cable TV/internet services, and more than a fifth would drop education expenses.

“From the survey, we can see there is a priority to keep insurance policies in times of extreme stress like COVID-19,” Swiss Re Asia CEO Russell Higginbotham said.

“The pandemic environment raises awareness of people’s needs for protection. The results of our survey give us a lot of clues about these needs and consumer preferences going forward.”

More than 20% of respondents in In Hong Kong and Singapore say they are willing to cut home or motor insurance expenses, ranking below the priority placed on internet, life cover and education.

The survey also finds around 21% of Australians are “overwhelmed or anxious” about their financial future as a result of the virus, while around 41% are “comfortable or positive”.

Swiss Re’s research also examines interactions with insurers during the COVID-19 outbreak and opportunities for firms to engage with customers through policy features and added benefits.

“This is a great moment for the insurance industry to put the customer at the centre of everything we do and deliver solutions that at last show progress in closing the protection gap and making society more resilient,” Mr Higginbotham said.

Only 12% of Australians surveyed have searched for a new policy during the outbreak, while 8% have purchased a new policy and 6% have made a claim.

The survey finds 44% of Australians will look more closely at coverage details as a result of COVID-19, while 26% say they will be more vigilant about having insurance coverage for different areas. A third say they are hesitant to switch policies “at times like these”.

When asked what sort of value-added services would add the most impact to their policies, either current or future, “immediate financial relief” is nominated by 44% of respondents.

On future improvements for a similar event, 51% nominate a pause in premium payments and 43% discounts on future insurance for a set period. Faster claim processing and payment are nominated by 38% and more flexible conditions by 37%.

About half of the Australians surveyed say COVID-19 will not change their purchase channels in the future, while 39% say they are more likely to buy online.

Some 14% of Australian respondents disagree with the statement that “insurance companies pay out valid claims” while 33% were neutral and 54% said they agree.