Income pressure to hamper premium recovery until 2015
Non-life premiums will not recover to 2003 levels until after 2015, according to the Ernst & Young ITEM Club Outlook for financial services.
The ITEM Club, which uses the HM Treasury model of the UK economy to make projections for the health of the UK financial sector, predicted that demand for non-life insurance “will continue to be affected by downward pressure on disposable incomes and rising fears of unemployment”.
A report from the group said: “The tendency to reduce or cancel non-compulsory cover when the labour market slackens, extends, ironically, to policies to protect against redundancy and other causes of sudden income
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