More than half of Britons do not think they need to buy extra insurance because of the government's welfare reforms and big society agenda, new research has found.
This is despite a third (31%) of people being more concerned about their job security than three months ago.
Results from the ABI's quarterly consumer research may concern the industry and highlighted the need for clear messages to be released about the withdrawal of the welfare state.
It revealed that two thirds (66%) of the population felt they would fare badly if they lost their job, with a quarter (27%) saying they would do well and 6% not sure.
Although a third were more concerned about losing their job compared to three months ago, more than half (54%) felt about the same and just 12% said things had got better.
However, despite these downbeat figures and the coalition encouraging increased self-reliance, only 18% recognised the need to provide greater security for themselves by purchasing protection insurance.
A third said they did not know while 51% replied that they did not think they would need to buy additional insurance products because of government policy.
YouGov interviewed 2,613 adults for the ABI research for the second quarter of the year.
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