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Insurance search volumes down 11 per cent

The number of internet searches for insurance products in April dropped 11 per cent on January's volume. And despite the extreme weather, home insurance, saw the biggest dip.

According to Greenlight's latest ' Insurance Sector Report - Issue 12', which profiles consumer online search behaviour in this sector, there were 1.6 million insurance-related searches on Google UK in April compared to January's 1.9 million.

Home insurance-related queries, which totalled 187,144 searches, saw the largest drop. They were 22 per cent down on January's 240,476. However, with more than 40 flood warnings in place across the UK, homeowners are being warned about the future of their insurance. This together with premiums expected to rise could well fuel searches.

It was a similar story for car insurance. April's search volumes were down 13 per cent on January's 1.1 million.

However, the picture was different for travel insurance. Search volumes held up and remained at the 482,000 mark.

Table 1: Number of Insurance searches by type - April 2012

SUBSECTOR

NUMBER OF SEARCHES JANUARY 2012

 

NUMBER OF SEARCHES APRIL 2012

% DIFFERENCE

JAN-APR 2012

Car

1,182,760

1,030,376

     -13%

Travel

  482,370

  482,021

   -0.07%

Home

  240,476

187,144

     -22%

TOTAL

1,905,606

1,699,541

     -11%

Source: Greenlight

Other key findings from the report revealed that:

 -       Searches for car insurance-related keywords were the most popular, accounting for 61% of all insurance searches

 -       Queried 450,000 times and accounting for a 26 per cent share of all insurance searches, the term 'car insurance' was the most popular

 -       MoneySupermarket was the most visible website in the natural search* listings, achieving an 89 per cent share of voice

 -       GoCompare was the most visible advertiser in the paid media** space with a 56 per cent share of voice

 -       Money Saving Expert ranked at the top of Greenlight's social media league table.

2 Comments

#1

Andreas Pouros

03rd Jul 2012, 03:37PM

Hi Joshmatkinson - there is indeed a seasonal affect at work, with searches for different types of insurance taking place at different times of the year - which you can see by looking at something like Google Trends. The caveat to that however is that, due to the economic conditions we're experiencing, these seasonal trends are harder to predict than they would have been historically.  With reference to the press release above, the drops in Home and Car Insurance searches are most definitely seasonal and expected, but the magnitude of those drops is an area that needs some further analysis as the state of the economy will have impacted on that. It's also important to note that the drops are in the number of searches being made and does necessarily dictate that there were fewer policies taken out as insurance is often a considered purchase, with consumers researching several months ahead of making a change. 

#2

Joshmatkinson

03rd Jul 2012, 03:04PM

Is this a seasonal effect? 

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