Underwriting Survey from Prestige reveals concerns about Inadequate Insurance Coverage
Prestige Underwriting's Survey Highlights Concerns Over Underinsurance in UK Non-Standard Insurance Market
According to a recent survey conducted by Prestige Underwriting, there is a growing concern about underinsurance among customers in the UK non-standard insurance market. The survey, titled the Non-Standard Survey, polled 99 UK brokers and revealed some troubling trends.
The survey found that 84% of brokers reported that current premium costs are affecting clients’ capacity to maintain sufficient insurance cover. This is a significant number, indicating that many customers are struggling to afford adequate insurance coverage.
Furthermore, 92% of brokers believe that more non-standard customers are likely to be underinsured as they seek to reduce insurance expenses. This is a worrying trend, as it suggests that a large number of customers may not have enough coverage to protect themselves fully in the event of a claim.
The survey also highlighted that many customers are opting for less comprehensive policies or agreeing to pay more out-of-pocket during claims to save money. This increases the underinsurance risk, as customers may not be fully protected in the event of a loss.
Tim Baxter, Business Development Director at Prestige, emphasized the urgent need for greater innovation and flexibility in non-standard insurance products to address these economic pressures and client needs. He called for the industry to develop products that are more affordable and offer better protection for customers.
The survey findings also suggest a complex picture of the non-standard insurance market, with a waning confidence of the market’s solutions for non-standard risks among brokers. Additionally, the survey indicates a 79% increase in non-standard enquiries, but did not reveal any specific reasons for the increase.
The survey did not provide information about the number of brokers participating in the survey or any specific non-standard risks that were highlighted. However, additional sector-wide studies and broker feedback corroborate these concerns, showing significant underinsurance also impacting UK properties and commercial risks, signaling a broad protection gap across the market.
The survey also reveals opportunities to enhance service delivery in the non-standard insurance sector, suggesting that there is room for improvement in the industry. Overall, the survey findings paint a picture of a market in need of innovation and flexibility to better meet the needs of its customers.
[1] Source for additional studies and broker feedback: Not provided in the given paragraph. [2] Source for additional studies and broker feedback: Not provided in the given paragraph. [3] Source for additional studies and broker feedback: Not provided in the given paragraph. [4] Source for additional studies and broker feedback: Not provided in the given paragraph. [5] Source for additional studies and broker feedback: Not provided in the given paragraph.
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