Consumers 'cutting back on insurance' - Published 3rd Jul 2009
Consumers in the UK are cutting back on their levels of insurance cover, new figures suggest.
Produced by LV=, the statistics show that 25 per cent of people recently polled had reduced their insurance spending in a bid to save money.
This could, however, prove to be a false economy if an emergency occurs and they are unable to go through the claims handling process.
"Rather than doing away with valuable insurance or eating into savings, it is important for people to take stock of their financial situation," advised LV= group chief executive Mike Rogers.
He added that insuring the breadwinner in families only has a "modest impact" on most people's finances, yet it can provide "vital assistance" if the person loses their income.
Recently, Aviva expressed concern over a reported fall in the popularity of home and buildings insurance, describing the trend as "worrying".
It made its comments after the release of Association of British Insurers figures which suggested that 22 per cent of people have either cancelled or not renewed their home insurance policies in the last year.
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Consumers in the UK are cutting back on their levels of insurance cover, new figures suggest.
Produced by LV=, the statistics show that 25 per cent of people recently polled had reduced their insurance spending in a bid to save money.
This could, however, prove to be a false economy if an emergency occurs and they are unable to go through the claims handling process.
"Rather than doing away with valuable insurance or eating into savings, it is important for people to take stock of their financial situation," advised LV= group chief executive Mike Rogers.
He added that insuring the breadwinner in families only has a "modest impact" on most people's finances, yet it can provide "vital assistance" if the person loses their income.
Recently, Aviva expressed concern over a reported fall in the popularity of home and buildings insurance, describing the trend as "worrying".
It made its comments after the release of Association of British Insurers figures which suggested that 22 per cent of people have either cancelled or not renewed their home insurance policies in the last year.
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