40% of ‘sustainable’ clients would pay up to 10% more for ECO insurance

He Simon-Kucher Car Insurance Sustainability Study shows the “great untapped potential” of the insurance sector in the area of sustainability as a lever for improvement for the consumer and to generate growth.

Although only 19% of car insurance customers identify a specific insurer as a leader in sustainability, and there is also a general lack of knowledge about the sustainable initiatives and practices carried out by their insurer, the report highlights a significant segmentrepresented by the 22% of clients, which considers sustainability as a crucial criterion when purchasing insurancethe premium being a secondary criterion for them.

In addition, 40% of clients identified as ‘sustainable’ would be willing to pay up to 10% additional premiums for ECO insurance with more sustainable services for traditional vehicles. This willingness to pay extra suggests growing consumer interest in insurance options aligned with sustainable practices. In fact, this interest is reflected in other data from the study that confirms that, generally speaking, 77% of Spanish consumers have made modest or significant changes in their consumption habits to live more sustainably, although there is disparity between sectors. when taking advantage of this opportunity.

One of the most notable findings is that sustainability can be an effective lever to increase premiums, since the 27th% of the clients would have accepted a premium increase of 2-3 points percentages in recent years if it were linked to sustainable practices by the insurer.