Duration: 2021 – 2022
Consortium: Open Evidence (leader), BDI, LSE
Methodology: Behavioural Study
Tools: Literature Review, Interviews, Focus Groups, Behavioural Experiments
Fieldwork: Spain, Germany, Romania, Belgium
Geographical scope: EU27
The overall objective of the study is to analyse consumer experiences with Natural Catastrophe (Nat Cat) insurance products and assess possible emerging risks and detriment for consumers following claims settlement. The study will assess consumers’ experience and behaviours when deciding on insurance coverage, exploring supply and demand side factors affecting consumers’ preferences and behaviours. The study will also analyse consumers’ experiences with natural catastrophes in relation to their needs and understanding of their insurance coverage, and possible detriments in the claim handling process. The activities will include literature review, interviews with consumer associations, focus groups and behavioural experiments in four countries (Spain, Germany, Romania, Belgium). The study will provide evidence and recommendations to EIOPA on optimal market practices that could fill the current insurance gap.