September 23, 2021

Are you sure you are properly insured?

According to the study published yesterday by the Observatory ofn Insurance, residents are not all well-informed about the coverage and guarantees they have, also and those they actually need. What about you? Would you be compensated if you broke your smartphone? What would your bill be if you had to go into hospital? Are you covered against floods?

The majority of residents…

The majority of Luxembourg’s inhabitants do not know what their insurance policies actually contain. This is both surprising and worrying.

It means that in the event of a claim, they may miss out on an important element in their compensation or not declare everything that they could. Worse still, they may not be as properly insured as they thought they were.

Gaps in cover?

To be or not to be insured? Ultimately, it’s two questions…and  respondents don’t always know if they are or not. Here are the figures published by the Observatory of  Insurance. A small test: which side do you stand on?

  • Smartphone
    1 out of 2 do not know if they are covered in the event of theft or breakage.
  • Travel
    Most people think they’re covered while travelling, but 60% don’t know what would happen in the event of a cancellation.
  • Home 
    1 out of 3 residents are not covered in the event of a natural disaster. Yet the 2021 floods showed that even when we think we’re out of danger, we can still lose everything within a few hours.
  • Car
    1 out of 5
    residents do not know whether they are covered in the event of injury when driving.
  • Retirement
    1 out of 2 residents have not yet planned for supplementary retirement. However, life insurance products are of great interest.
  • Health
    1 out of 2
    residents are not covered in the event of an accident abroad.

This is a real issue for society. Insurance is one of the foundations on which we build our lives. It protects our assets in the event of an accident. Without it, we could lose what we have taken years to earn.

More detailed data on this study and the insurance market in Luxembourg can be found on the Observatory of Insurance website.

How do you know the extent of your cover?

There are a lot of gaps in the coverage everyone thinks they have. Residents generally believe they are better covered than they actually are.

To help everyone clarify their situation, we have developed what we call the “Customer Check-up”. It is a simple and intuitive tool that allows customers to take a look at their expectations in terms of insurance, define their priority needs and prospects in the medium and long term, and as a result guide everyone towards the protection that is best suited to their day-to-day lives.

To do the check-up, simply make an appointment with a Foyer agent: it’s free and there’s no commitment.

Our goal is that one day, you will be fully reassured and know you have the best protection.

The Observatory of Insurance survey was conducted on a sample of 1,889 participants with the following profile:

56% women and 44% men

69% homeowners and 14% tenants

39% live in an apartment and 59% live in a house

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