Swiss Re global COVID-19 consumer survey 2022

COVID-19 has taken a toll on people’s mental and physical wellbeing, with many more expressing concern about their health since the start of the pandemic. In advanced markets, a third of the population surveyed reported a deterioration in their mental health over the past 12 months.

This is the third year that Swiss Re has conducted a survey to study the impact of the COVID-19 pandemic on people’s behaviours. This year’s responses show that COVID-19 was a catalyst for people in emerging markets to have more regular health check-ups, with mental health a key concern. The incidence of respondents going for a physical health check-up as a result of the pandemic was three times that of advanced markets. Individuals in emerging markets are also more likely to seek associated support than in advanced markets. 

This year’s survey was global in nature, an extension of our 2021 and 2020 Asia-Pacific specific surveys. The results provide valuable insights for life & health (L&H) insurers. For instance, we find that COVID-19 has affected insurance purchasing decisions: in advanced markets, respondents looking to purchase insurance say they will pay close attention to cover details, while in emerging markets, consumers say the priority is having coverage for different risks. Intention to buy new policies is highest in emerging markets.

Online platforms stand out as the dominant purchase channel for insurance policies globally. Digital touchpoints for health and insurance management have gained in popularity, particularly among younger cohorts. We expect the convenience and swift processing potential offered by digital platforms to become more popular over the next decade.

The usage of health & wellness (H&W) apps is particularly high among younger people. Apps for weight control, healthy eating and stronger physical health likewise trigger consumer interest. Survey respondents say the ability to develop lifestyle habits, track health improvements, and learn from the programmes offered on the apps keeps them engaged.

For Asia-Pacific (APAC) markets that we have surveyed for three years, we can analyse and track changes in consumers’ sentiment and insurance choices. We find that most APAC consumers have remained vigilant about their health status throughout the pandemic. The pandemic has also led to an increase in APAC consumers’ openness to health management and insurance purchasing through digital channels. Compared to 2021, more respondents are now open to buying insurance from non-traditional digital channels such as e-wallets or online shopping platforms. 

Overall, the pandemic is a call for action to insurers. Insurers can work with governments and consumers to strengthen physical and mental wellbeing to build resilience in a "new normal". Developing affordable insurance products with comprehensive coverage, enhancing insurers’ digital capabilities and building consumer trust in digital solutions is key to success.