Insurance cancellations rise due to recession
The Association of British Insurers has revealed startling figures which show that many people in the UK are looking towards their insurance policies as a means of saving money. It was revealed that 22% have either cancelled or not renewed their home contents insurance over the last 12 months purely as a means of reducing their outgoings. A further 17% no longer have building insurance which is another area that could prove very costly in the event of an accident.
While the situation across the UK looks bleak it is even worse in Scotland with a significant 28% either cancelling or not renewing their home insurance cover and 21% now without buildings insurance. While it was obvious that a number of UK consumers would look towards their insurance policies as a means of cutting back on their expenses, there are serious concerns that the short-term gains could turn into long term problems. The old philosophy of "it will never happen to me" is one which is growing credence across UK but one which has significant risks attached!
On the plus side, it must be said that the ongoing recession has prompted more and more people to look around for their home contents and buildings insurance rather than automatically reapply to their existing insurance company. The Internet has obviously had a massive impact in this particular area with a growing number of comparison websites proving more and more popular.
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