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Consumers reducing their protection due to recession

The harsh economic climate has resulted in more consumers either cutting or reducing their insurance cover, according to new research by protection provider Aviva.

Some 92 per cent of brokers polled by the organisation, which provides life insurance products, admitted that they had seen a rise in the number of consumers lapsing their insurance.

Concurrently, 85 per cent said they had registered an increase in the number of customers reducing their protection.

According to Janice Deakin, corporate sales director at Aviva, brokers "must get closer to their customers and understand the challenges they are facing" in order to eliminate the risk of losing them.

"With customers increasing their propensity to switch, and a higher demand for voluntary excesses and/or reduced cover, brokers with the greatest customer knowledge will be best placed to adapt services and products to meet clients' changing needs," she added.

Consumers are advised to shop around for better deals rather than cut their protection, or make lifestyle changes such as smokers quitting ,which can result in them benefiting from cheaper premiums.

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