General Insurance Article - ABI comments on recommendations on income protection

 Raluca Boroianu-Omura, ABI Assistant Director, Head of Health and Protection, said: “The Fabians’ social security report is a welcome addition to the debate on how we can ensure people protect their income if they are unable to work. Many people over-estimate what they would receive from the State. Whilst 3 million are currently covered by an income protection policy, 10.8m households have no insurance safety net and would see their income fall by a third if the main earner was unable to work due to ill health. This is a serious challenge facing our society.

 “The origins of welfare provisions are entwined with the history of insurance. Today, more than ever, insurers have a role to play to ensure people have the tools they need to cope with life’s challenges and to help address problems with long-term sickness absence.”