The insurance industry is the fifth fasting-growing sector in response to the impact of the pandemic, according to a new report by UK merchant payment provider, Dojo.
Using Yahoo Finance and public Purchase Intent data, the report analysed and ranked which industries benefited from the “unforeseen changes” in their customers’ lifestyles during the pandemic.
The insurance industry was found to have grown by 2.5% since March in response to the pandemic.
Dojo said at a “time of international uncertainty in the face of a crisis unprecedented in living memory”, business and individuals have “clearly turned’ to insurance companies in an attempt to protect themselves from any further fall out from the uncertainty brought about by the covid-19 epidemic.
Jon Knott, head of customer Insights at Dojo said: “Last year saw changing fortunes in the economy, which have forced retailers to face some of the toughest challenges in generations. Circumstances beyond control have led to rapid consumer shifts, that were previously unheard of.
“A lot of retailers have pivoted in order to survive, with some understandably being unable to do so. But we’ve also seen other businesses thrive during this time. Our findings confirm that whilst it may have been a tough year for everyone, many industries will come out of the otherside, with some maybe even stronger than ever in 2021.”