Research by accountancy firm Deloittes conducted by YouGov has shown a worrying trend amongst consumers in the insurance market, with many expecting to make cuts in insurance cover during the coming months.
Inflation and the downturn in the UK economy are forcing consumers to make unwelcome choices as to where they spend their hard earned cash and insurance policies will no doubt be hit hard.
The survey reveals that many respondents would be reducing their motor insurance from comprehensive cover to third party, in a bid to save cash on premiums, with as many as 26% expecting to cancel or reduce cover for Payment Protection policies.
Twelve percent of respondents would be looking for better deals on travel insurance and ten percent would make cut backs on health insurance. As a nation of pet lovers it’s no surprise that only 8% expected to make cut backs on pet insurance.
The consumer cut backs are predicted to cost the insurance industry somewhere around £1.5billion during this year.
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