Consumers reducing coverage and allowing policies to lapse: CII

A social media poll of 723 financial planners and insurance professionals carried out this month revealed how consumers are responding to rising inflation rates, energy, food and fuel prices. Around two out of five CII members revealed they had seen a "significant increase" in the volume of consumers shopping around for the cheapest policy premium, as average wages failed to keep pace with inflation. Meanwhile, one in five insurance professionals reported consumers reducing the amount of cover they purchase to try to reduce their costs, according to the CII. A further 18% stated a ...