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.