Research shows consumers reducing cover in recession
Research by the British Insurance Brokers Association (Biba) has revealed that brokers have seen both commercial and personal lines customers reduce their levels of cover in the economic downturn.
The association is planning to release the full results at its annual conference this month but has highlighted some of the key findings for both sectors. In commercial lines, more than half of Biba brokers surveyed have seen commercial customers reduce their level of insurance protection and among these, 45% have seen clients reduce cover or take on more risk themselves.The three most affected classes of commercial insurance were commercial combined and commercial liability. However, 14% of
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