Cost-cutting Britons abandoning protection insurance
Posted on July 14th 2008
New research released today (July 14th) has suggested that some cash-strapped Britons are failing to arrange a home insurance policy.
As the current economic downturn continues to increase the pressure on households' finances, it has been well documented that many families are looking at ways to save the pennies.
But worryingly, a new Association of British Insurers (ABI) survey, carried out by YouGov, has revealed that protection of income and the home - the two most valuable assets possessed by most Britons - is featuring prominently on cost-cutting lists.
Nick Kirwan, assistant director of health and protection insurance, said: "It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook."
The research showed that 69 per cent of people are now unwilling to take out any insurance protection products in the future.