The UK population appears to be seriously underinsured and as a result they are unprotected against the risks and shocks life throws at them.
- According to Swiss Re: the total ‘protection gap’ is estimated to be in the region of £2.3 trillion. As measured on an annual basis, the income protection gap amounts to £130 billion per annum.
- Only 1 in 3 households with incomes under £20k have life insurance, only 12% have income protection insurance.
- One-third of households have no home contents insurance. Close to half the households in some of the most deprived areas do not have home contents insurance.