Six out of 10 insurance professionals have been contacted by consumers who have struggled to afford their insurance payments due to the impact of coronavirus, figures show.
A poll of 221 Chartered Insurance Institute (CII) members in June showed 61% had heard from consumers who could no longer pay their insurance premiums as their finances had been hit by the economic fallout of Covid-19.
Four out of 10 (39% or 87 insurance professionals) had not heard from any consumers struggling to afford cover because of the pandemic.
It is feared that some of that smaller percentage have clients who are struggling with finances but just have not got in touch with them about it.
The CII members that responded to the poll outlined some of the actions they had taken to make sure customers still had cover but at a cost they could afford given their current financial circumstances.
Michael Mutua, claims and underwriting associate at Risk & Insurance, said given that some of his customers grounded their cars he had suggested underwriters consider cushioning these potential clients by lowering rates.
Keith Richards, the CII’s managing director of engagement, said: “During these challenging times, insurance and personal finance professionals are helping consumers and assisting those who are experiencing temporary financial difficulties.
“Insurance brokers and financial advisers are best placed to consider a customer’s individual needs and their services should be sign-posted more widely. It is great to see our profession helping customers revise and retain cover at a price they can afford to ensure they remain protected against key risks.”
The CII’s survey comes after the Financial Conduct Authority recently announced it is important consumers do not leave themselves uninsured and they should get in touch with their insurer or broker as soon as possible if they are struggling to pay premiums.