ABI worried by consumers who fail to protect

The Association of British Insurers has today announced the results of a recent survey carried out on its behalf by YouGov. The survey shows that despite increasing fears and worries over the economic climate, most consumers fail to take out protection insurance which would help them meet their commitments in the event of redundancy.

Key findings of the survey show that 92% of those surveyed think the economic climate is worse than it was a year ago, and 82% expect the next twelve months to be worse still. Despite this 69% said they would not be willing to take out protection insurance in the future.

Nick Kirwan, Assistant Director of the ABI's Health and Protection Insurance, said that he was worried that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook. He stated that it was clear that the insurance industry needs to work harder to get the message across about the peace of mind and value that having the right protection insurance gives individuals and families.

The ABI has recently published a consumer factsheet on protection insurance policies, which they hope will encourage more people to consider protecting their home and their income.

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