Insurers Failing Most Vulnerable Britons, Actuaries Warn
By Lucia Osborne-Crowley (September 28, 2021, 11:27 AM BST) -- Actuaries have warned that the insurance industry in Britain is excluding the most vulnerable members of the community and have proposed reforms to close the gaps before the next financial shock hits.
Vulnerable and low-income Britons are being priced out of the insurance sector and are facing so-called poverty premiums, a report by the Institute and Faculty of Actuaries, a trade body, and lobby group Fair By Design, has found. These consumers are increasingly being quoted higher premiums for insurance or are refused cover altogether, the report found.
"The COVID-19 pandemic has disproportionately affected low-income households and drawn attention to their limited...
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