FCA survey data tracks 13% of consumers cut back on insurance due to cost-of-living crisis
More than six million people cut or cancelled insurance cover in the six months to January 2023 to save money in the cost-of-living crisis, the Financial Conduct Authority has calculated.
The regulator polled more than five thousand people who had been policyholders in May 2022.
40%Cyber insurance was one of the most affected areas, with 40% of clients that previously held cover no longer insuring their cyber risks
It found in January that 8% of people had cancelled one or more policies, while 7% had reduced their level of cover on at least one policy.
The watchdog assessed that with some people having both, this meant 13% of May 2022 policyholders – 6.2 million
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