Survey reveals increase in customers reducing or not renewing their insurance
Aviva’s latest online research reveals that struggling customers are increasingly lapsing or reducing their insurance cover.
In response to its survey, the insurer is offering brokers a practical guide on how to weather the recession and lessen its impact.
The survey revealed that 92% of the 250 brokers questioned had seen an increase in the number of customers lapsing their insurance, while 85% had noticed an increase in the numbers reducing their cover.
Aviva’s corporate sales director Janice Deakin said: “To mitigate the effects of the recession, brokers must get closer to their customers and understand the challenges they are facing, paying particular attention to customers with businesses in sectors under most stress, such as the automotive industry, construction and retail.
“There are a number of likely impacts as a result of the downturn. Fraud, which according to the ABI now costs the UK market £1.9bn, is continuing to grow and we expect to see an increase in arson and theft claims, as well as an overall rise in genuine claims as businesses are less likely to absorb smaller claims.”
Copies of Your Practical Guide to Recession are available by emailing email@example.com.