The All Party Parliamentary Group (APPG) on Insurance and Financial Services has confirmed that it w...
The All Party Parliamentary Group (APPG) on Insurance and Financial Services has confirmed that it will be backing COVER's 'Promoting Protection' campaign, writes Johanna Gornitzki.
Following a meeting with COVER and three industry experts on how to raise awareness of protection, APPG chairman John Greenway MP said: "We are supportive of the campaign and I think this is an issue we will return to."
Speaking at the meeting, Kevin Carr, head of protection at LifeSearch, Professor Michael O'Donnell, chief medical officer at UnumProvident, and Nick Starling, director of general insurance and health at the Association of British Insurers, all highlighted the importance of having the right protection in place.
While the APPG showed its support, it was concerned about affordability. Lord Davies said: "The bottom line is that consumers buy what they can afford."
Carr reiterated that, saying: "It is about perception. The problem we have is that products like payment protection insurance are sold at the expense of better products."
Agreeing with Carr, O'Donnell added: "I think we need a publicity campaign so that people fully understand how much they will get from the Government should something happen."
Starling said that the cost is diminutive compared with the financial devastation a consumer could face if they become ill and unable to work. "Half of households have less than a month's salary to fall back on should they become unable to work." He added: "The key issue here is around consumer confidence."
Lord Brookman, Lord Hunt of Wirral, Baroness Turner of Camden, Peter Bottomley MP and Edward Leigh MP also attended the meeting.
n For full coverage of the meeting see the May issue of COVER.
