Insurance market failing vulnerable consumers: IFoA report

These people are increasingly being quoted higher premiums or face being refused altogether, the report found. This ‘poverty premium' - referring to the extra costs incurred by low-income households when purchasing the same or similar essential goods and services as households on higher incomes - is largely driven by factors out of people's control, such as where they can afford to live or their medical history. The shift away from pooling of risks across many difficult people towards more granular pricing based on individuals has also exacerbated the increased premiums The report ...