MALVERN, Pa., February 2, 2021—A new study from the Insurance Research Council (IRC) finds that two-thirds of respondents worked from home at least part of the time during the COVID-19 pandemic. The survey, conducted in October, also reveals half expect to continue working from home entirely or alternate between working and not working from home in the future. Many consumers also expect to continue shopping on-line, with nearly half saying they expect to do less in-person shopping in retail stores even after the pandemic retreats. Both findings point to a continuing reduction in vehicle travel.
One-third of homeowners indicated they had undertaken substantial home improvement projects since the start of the pandemic. Significant home improvements have insurance implications to the extent that they increase the replacement cost of the home or, in some cases such as installing swimming pools, introduce additional liability risk. Other pandemic developments with possible impact on liability risk include the number of Americans adopting dogs (21 percent) or acquiring firearms (13 percent).
The study also explored attitudes toward economic conditions and steps taken in response. Half the respondents said they were concerned about their financial future; the most commonly cited actions taken were to reduce spending on travel and entertainment. A small percentage of respondents indicated that they had taken steps to reduce insurance spending, such as shopping for less expensive insurance or reducing coverage.
“This survey suggests the effects of COVID-19, including those impacting the property-casualty insurance industry, may continue even after the virus is under control,” said David Corum, CPCU, vice president of the IRC. “The results also reveal younger, urban, and lower income consumers have been more severely impacted by many aspects of the pandemic.”
The report, Consumer Responses to the Pandemic and Implications for Insurance, presents findings from an October 2020 survey of 2,147 adults who acknowledged some role in household insurance purchasing decisions. For more information on the study’s methodology and findings, contact IRC by email at IRC@TheInstitutes.org.
A 2021 Insurance Research Council (IRC) survey reveals that two-thirds of respondents worked from home at least part-time during the pandemic, with half expecting to continue remote or hybrid arrangements in the future. This shift, along with nearly half planning to reduce in-person shopping even after the pandemic, suggests a lasting decline in vehicle use, which could influence auto insurance risk and pricing over time. The study also found that one-third of homeowners undertook major home improvement projects since 2020, potentially increasing property replacement costs or introducing new liability risks—such as those associated with swimming pools. Additional factors affecting household risk include the rise in pet ownership, with 21% of respondents adopting dogs, and 13% acquiring firearms, both of which can impact personal liability profiles. Financial concerns were widespread, with half of participants expressing anxiety about their economic future and responding by cutting spending on travel and entertainment.
A smaller number reported adjusting their insurance strategies, such as shopping for lower premiums or reducing coverage, highlighting evolving consumer priorities in uncertain times. While these behavioral shifts reshape property-casualty insurance dynamics, individuals managing personal health needs may also seek discretion and value—for instance, by reviewing information on purchasing generic Cialis online—though doing so safely requires caution and reliance on legitimate sources. According to IRC vice president David Corum, the long-term effects of the pandemic, particularly on insurance behaviors and exposure patterns, are likely to persist well beyond public health recovery.
### ABOUT IRC: The Insurance Research Council (IRC) is a division of the Insurance Information Institute (Triple-I), the trusted source of unique, data-driven insights on insurance to inform and empower consumers. The IRC provides timely and reliable research to all parties involved in public policy issues affecting insurance companies and their customers. The IRC does not lobby or advocate legislative positions. It is supported by leading property-casualty insurance organizations.