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By InsuranceNewsNet – June 17, 2020

Despite the unsettled economy over the past six months, public confidence in insurance agents is at an all-time high, up dramatically from a low recorded in the wake of the 2008 crash, according to LIMRA.

In October 2008, only 9% of consumers had “extreme / quite a bit” of confidence in insurance agents and brokers in a LIMRA’s survey. In May 2020, it rose to 32%, a 255% increase.

That increase occurred even while confidence in the economy overall plummeted from its post-2008 high notched this January, with 56% of consumers having “extreme/quite a bit” of confidence in the economy. That number slid to 21% in May, a 62.5% drop in just a few months.

Consumer confidence also increased in insurance companies, with 40% of consumers saying they had “extreme” or “quite a bit” of confidence in life carriers.