Context
The cost of living squeeze and energy bill increases are driving a surge in people borrowing more to fund insurance policies, new research from the UK’s leading premium finance company, Premium Credit, shows.
Key points to note
As well as identifying a surge in people borrowing more to fund insurance policies, the research by Premium Credit has also highlighted the cost of not having the right insurance. Around 7% of people participating in the research have not been able to make claims in the past five years either because they had no cover or had inadequate cover, with nearly six out of ten (58%) of them losing out on claims worth £1,000 or more.
Next actions
None – for information and awareness.