Research suggests mistrust of the industry

A survey into global consumer attitudes towards personal finance has found widespread mistrust of the insurance industry.

It also found that more people consistently fret about their finances than about the threat of a terrorist attack.

The research, from Euro RSCG Worldwide, surveyed 13,000 respondents in six nations and found that in the US, just under two-thirds (64%) of respondents agreed they often worry about money, compared to 53% who are concerned about the threat of some form of terrorist attack.

The survey also found a "high level of mistrust in the insurance industry as a whole". It stated: "Substantial majorities of respondents in each market agreed insurance companies will do everything possible to avoid paying claims.

"What's more, the percentages of prosumers (defined as the most proactive, innovative, and communicative consumers in any market, which gives them a disproportionate influence over their non-prosumer peers) agreeing with the proposition were higher in all markets, indicating that the opinion is likely to increase."

The UK led the mistrust category with 77% of prosumers and 68% of mainstream consumers agreeing; US percentages were 71% and 60%, respectively.

The survey also found that a greater percentage of people trusted insurance agents than the carriers - 41% of those in the US, 36% of Germans, and 58% of Indians surveyed have an insurance agent they trust.

Figures are much lower in China (17%), France (18%), and the UK (14%), prompting the report to state: "It's a shame that so many people feel unsure about the very industry that is supposed to reassure them."