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ABI: Consumers failing to protect themselves against financial uncertainty

14/07/2008

Despite a number of large companies making job cuts recently, British people are deciding against taking out redundancy cover, a survey has shown.

The Association of British Insurers (ABI) has said the decision to decrease insurance payments is "worrying".

A total of 69 per cent of those questioned in the ABI`s survey, carried out by YouGov, said they were not willing to take out any protection insurance products in the future.

Meanwhile, 92 per cent said they believed the current economic climate to be worse than a year ago and 82 per cent expect it to deteriorate over the next 12 months.

This may lead to people getting into debt after being faced with redundancy without preparation.

Assistant director of ABI`s health and protection insurance, Nick Kirwan, said the economic outlook warrants protection yet few people take it out.

"It`s clear that we need 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," he said.

In related news, Rias has warned against cutting motor insurance to save money during the credit crunch.

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