The public has lost faith in insurers according to a new report published by Key Note.

The survey found that over 64% of 15-24 year olds and 65% of 25-34 year olds said they always shop around for the best deal when buying insurance.

Sounding a warning note to UK insurers, the survey concluded: "Key Note forecasts that in the future poor underwriting years are likely to outnumber good years, because the weather is becoming less predictable, storms fiercer, floods deeper and forest fires moredevastating. It seems also that the UK consumer is becoming more litigious."

The survey suggested that consumers' nervousness was due to broken promises by insurance companies. In addition, consumers grew frustrated at being unable to find contents insurance in a flood zone, it said.

The results of the 'key note' survey were at odds with an Insurance Times commissioned Mori poll which concluded that consumers are happy with their insurers.

For full details of the poll click here

Topics