![]() |
New research reveals the insurance intermediary market expects clients to make greater use of credit this year when it comes to buying their cover. |
The findings are from Premium Credit, the UK’s leading premium finance company, and show that 50% of insurance brokers anticipate the amount of credit used to buy general insurance in 2019 will be higher than the amount used last year, and only 3% anticipate it will be less. The corresponding figures for commercial insurance are 65% and 3% respectively. In terms of the credit facilities used, 66% of insurance brokers anticipate clients will make greater use of premium finance this year when compared to 2018. The corresponding figure for credit cards is 42%. When asked why they believe clients will use premium finance more this year, 58% said it was because disposable incomes for clients are falling so they are more reliant on credit. This was followed by 32% who said the cost for insurance products is increasing. Nearly a third (29%) said it was because premium finance is becoming better understood by clients. Nearly one in four (23%) insurance brokers interviewed expect to see a double digit percentage increase in the number of premium finance policies they sell this year when compared to 2018. More than half (55%) of insurance brokers interviewed for Premium Credit said that, in 2018, more than 30% of the general insurance policies they sold were bought using a form of credit, and this rises to 74% for commercial insurance sales.
Adam Morghem, Strategy and Marketing Director at Premium Credit said: “These findings suggest that people and businesses are making greater use of credit vehicles to buy their insurance cover- though we know that many are not using premium finance. |
|
|
|
| Life Leadership - Balance Sheet & ALM | ||
| London/Midlands/Scotland, hybrid - Negotiable | ||
| Transaction and Modelling Leadership | ||
| London/Midlands/Scotland, hybrid - Negotiable | ||
| Head of Business Development | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Technical Pensions Actuary | ||
| Remote - Negotiable | ||
| Senior Portfolio Manager | ||
| London - £130,000 Per Annum | ||
| BPA Origination Manager | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| Pensions consulting in the capital | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| BPA Data Specialist | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Actuarial Valuations Analyst (Life) | ||
| Scotland / hybrid 2-3 dpw office-based - Negotiable | ||
| Calling all actuarial associates! | ||
| Flex / hybrid - Negotiable | ||
| Actuarial Systems Manager | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Actuarial Systems Consultant | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Multiple Pensions Contracts | ||
| London/Scotland/Remote - Negotiable | ||
| Actuarial modelling expert - life ins... | ||
| UK flex / hybrid 2-3 dpw office-based - Negotiable | ||
| Professional Trustee | ||
| London or Manchester / Hybrid 3dpw office-based - Negotiable | ||
| Professional Trustee | ||
| London or Manchester / Hybrid 3dpw office-based - Negotiable | ||
| Products Expert - Life Insurance | ||
| Scotland / hybrid 2 days per week office-based - Negotiable | ||
| Senior Capital Modelling Actuary | ||
| London - £150,000 Per Annum | ||
| Senior Pricing Actuary | ||
| Fully remote - Negotiable | ||
| STAR EXCLUSIVE: GI model validation lead | ||
| Flex / hybrid 1 dpw office-based - Negotiable | ||
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.