Insurers Say More People Cannot Afford Cover Amid COVID-19
Law360, London (July 13, 2020, 12:01 PM BST) -- Six in 10 insurance professionals have been contacted by customers who can no longer afford their premiums, a professional body representing the sector said Monday, as insurers consider ways to help clients stay covered during the COVID-19 pandemic.
The Chartered Insurance Institute said that a new poll showed that 61% of 221 people it surveyed in the insurance sector had heard from consumers who were struggling to pay for their cover. Policyholders said they are struggling with the financial fallout of the coronavirus outbreak and the associated lockdown.
Insurers told pollsters they were helping clients by lowering rates in some cases to make...
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