While 86% of surveyed policyholders say they have a strong understanding of insurance, new data from the Big I® and Trusted Choice released ahead of National Insurance Awareness Day 2024 indicates most consumers are still in the dark regarding coverage specifics.

"Consumers may not take the time to understand the product until something happens," says Michael McCartin, Trusted Choice independent agent and president of Joseph W. McCartin Insurance, Inc. "They will get insurance to help pay for a fire or damage to a vehicle, but they don't want to get into the weeds."

According to the Insurance Information Institute (III), life insurance benefits and claims totaled $831.9 billion last year, while a July 2023 report from the American Property Casualty Insurance Association showed the number of car crash-related insurance claims has increased by 14% since 2020.

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Joe Toppe

Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.

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