Professional body says more needs to be done to help consumers better understand risks
The CII Group has endorsed the call by the Organisation for Economic Cooperation and Development (OECD) for governments and industry to invest more in financial capability for insurance.
In its report on improving consumer understanding in insurance, the OECD outlines specific measures that the industry and other organisations can put into effect to make financial capability central to their work.
David Thomson, director of policy and public affairs at the CII, welcomed these proposals. He said: "The UK is well placed on many of the report's indicators, but we all need to do more to help consumers better understand risks and take appropriate action. As a body with the remit to protect the public by guiding the profession, we will continue to play a strong part in this."
The CII Group said it had already put into effect many specific good practices called for in the OECD report.
