Insurance News Archive

Customers should not reduce insurance cover, BIBA warns

Written by Dan Winter

A leading organisation has called for customers to take out home insurance following figures showing that fewer people are taking out policies.

The British Insurance Brokers' Association (Biba) has conducted research showing that more than half of brokers have seen a reduction in the number taking out insurance protection.

One in five report that commercial combined was the most effected class, while a similar number state that they have seen a fall in commercial liability. It found 14 per cent reveal that every class has been impacted.

Eric Galbraith, chief executive of the organisation, states: "The economic downturn generates an increased focus on cost and brokers should demonstrate the value that they add to clients."

He asserts that Biba is promoting the benefits of warning consumers about reducing their protection without proper consultation.

Earlier this month, Young London advised landlords to take out insurance guaranteeing their rental income and legal expenses.

11 May 2009