Consumers reducing coverage and allowing policies to lapse: CII

Cost of living research finds

John Brazier
clock • 2 min read
Consumers reducing coverage and allowing policies to lapse: CII

New research from the Chartered Insurance Institute (CII) has found consumers are changing their spending habits around insurance cover due to the cost of living crisis.

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 o...

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