The Financial Inclusion Commission’s Insurance Inclusion Report revealed that approximately 16 million people in rented or owner-occupied housing don’t have contents insurance whilst 60% of customers on £15k or less have no contents insurance and would struggle to replace lost goods.
Experian research also found that 71% of customers opted to increase their excess in their motor insurance premiums in order to make the policy more affordable. The challenge here is that should there be an incident, the policyholder may well have uninsured themselves as they can’t afford the excess they have.
This infographic highlights how affordability checks can help insurers to provide tailored solutions for vulnerable people and meet regulatory requirements.