According to UK Insurers Bright Grey, more people have mobile phone insurance than have critical illness cover. What this says about us is not very reassuring.
As I pointed out in my recent Asset article, most people don't want to hear about the risks that life brings - they just want to get on with leading lives of unrelenting consumerism, of which the mobile phone is perhaps their most closely held talisman.
This from Nicola York of UK Money Marketing:
Bright Grey's survey of 2,000 people found 15 per cent of the UK population insure their white goods and mobile phone compared with 14 per cent who have critical illness cover.
Life insurance was third on the list with more people insuring home contents and travel abroad than their life.
When asked what the most important thing to insure was, only 11 per cent said mortgage payments while a mere 2 per cent said critical illness cover.
Pet insurance followed hot on the heels of CI cover at 1.5 per cent.
As Bright Grey product director Roger Edwards says:
"Surely running the risk of losing your home is a bigger concern than losing your TV and DVD? But many people seem to have lost sight of their real priorities. Their financial savvy seems to have gone out the window when deciding what insurance to buy."
We live in shallow and changeable times. As Seven Investment Management director Justin Urquhart Stuart often remarks: "What is this year's fashion fad will be next year's tank top."
Insurance distribution seems yet to be able to ride this trend. Yet it is possible. If fuddy duddy old Motorola can deliver the goods with RAZR then we certainly have an opportunity. But it won't be through imitation, it will likely be through identification with our market.