Same Sex Marriage Creates New Planning Opportunities for European Insurers

Same Sex Marriage Creates New Planning Opportunities for European Insurers

The recognition of same sex marriage and civil unions has resulted in an evolving definition of what constitutes a family and how insurers and other financial services firms may want to consider these new family configurations as a targeted segment.

In the U.S., the LGBTQ community numbers over 21 million individuals with $965 billion in spending power. Recent research suggests that same sex couples in the U.S. are more affluent than heterosexual couples, with median annual household incomes (AGI) of $102,020 vs $77,790 among heterosexual couples.In the EU, we are starting to see similar trends. Overall, the EU LBGTQ community numbers 33 million with almost $1 trillion of spending power.1

  

Despite gains in marriage equality and progress in other anti-discrimination/equalization measures, in many countries, including the US, there are related laws and regulations that have yet to be updated to take into account the evolving nature of families.  As a result, in addition to traditional insurance and financial planning advice, these families (and the larger LGBTQ community) require thoughtful planning and advice to address issues including, but not limited to, estate planning, parental rights, adoption, divorce, and child custody, as well as business related issues such as ownership transfers, succession planning and preservation of minority-owned business preferences, etc.  The specific issues may vary by country.

Providing trusted advice and customer centric solutions to this segment is still a largely untapped market in the U.S. and many EU countries.  The LGBTQ market is a great opportunity for firms to create shareholder value while demonstrating value to their customers and enhancing long-term relationships.

At Global Diversity Marketing (GDM) we are focused on helping forward thinking firms understand and access the LGBTQ market and other diverse segments globally. Visit our website at or email me at to find out how we can assist you in growing your bottom line in diverse markets.

 

LBGT Capital, “LBGT GDP, Wealth & Travel 2016 – Executive Summary”

  US Treasury, Office of Tax, Working Paper 108, August 2016. Mammalian erythrocytes lack nuclei, an unusual characteristic that leaves more space in the tiny cells for hemoglobin, the iron-containing protein that college paper writing service using www.paperovernight.com transports oxygen

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