Research shows commercial and personal lines customers reducing cover

The British Insurance Brokers’ Association (BIBA) has warned homeowners, motorists and business owners to seek professional insurance advice after its research revealed that an increasing number of brokers have seen commercial and personal lines customers cut levels of insurance protection during the economic downturn.

The research found that reducing levels of sums insured, increasing excesses and deleting cover that is deemed non-essential were the most frequent examples seen by insurance brokers.

BIBA will be issuing the research to the national media and politicians to raise awareness of insurance and the benefits of advice from insurance brokers.

BIBA chief executive Eric Galbraith said: “Research really helps us to promote brokers in the media and to the government, so I really appreciate the time that our members spent completing the survey. Last year we gained some excellent coverage from the research and we’ll be aiming to achieve this again.”