Internet insurance boom 'to continue'

Posted :04-04-2005

The sale of online insurance will continue to grow at a fast rate this year, a new study has forecast.

NOP World Financial estimates 4.2 million consumers will arrange financial services products over the internet in 2005, compared to 3.3 million in 2004.

This trend has been put down to the ease and time saving nature of which insurance products can be bought and compared online.

"As consumers lead busier lives we are seeing an increasing number of people turning to the web to purchase financial services products," said Sainsbury's Bank deputy chief executive, Derek Bottom.

Car insurance is the most popular financial services product to be purchased online and an estimated 1.9 million people bought car insurance over the internet in 2004.

The lunch hour is the most popular time in which consumers purchase insurance online, and often in an attempt to avoid busy high street queues.

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