Consumers and businesses could be putting themselves at financial risk by cutting out or reducing key areas of insurance protection.
The British Insurance Brokers’ Association (BIBA) has warned homeowners, motorists and business owners to seek professional insurance advice after its research revealed that an increasing number of brokers have seen both commercial and personal lines customers cut their levels of insurance protection during the economic downturn.
The research found that reducing levels of sums insured, increasing excesses and deleting cover that is deemed non-essential were the most frequent examples seen by insurance brokers.
BIBA will be issuing the research to the national media and politicians to raise awareness of insurance and specifically the benefits of advice from insurance brokers.
The results are an update to research from 2009 which achieved coverage in a debate in the House of Commons and was used in a number of national newspapers including The Sunday Times, The Mail on Sunday, The Telegraph and The Guardian.
Eric Galbraith, BIBA Chief Executive, said: “Research really helps us to promote brokers in the media and to the Government, so I really appreciate the time that our members spent completing the survey. Last year we gained some excellent coverage from the research and we’ll be aiming to achieve this again.”
Source : BIBA Press Release
