Association of British Insurers: Insurance initiative to help low-income Welsh households

Tuesday, 7 July 2009 12:00 AM

The ABI today (7 July) launches an initiative to reduce the high number of households in Wales who are gambling with their family finances by not having home contents insurance. One in four Welsh households fail to insure their possessions.

The initiative is aimed at the 300,000 people living in local authority or social housing throughout Wales. Many of these families are especially vulnerable to risks, such as burglary and flooding, yet are least likely to have their possessions insured.

To tackle this problem the ABI, together with Zurich Insurance, today (7 July) meet in Cardiff with local authorities and housing associations from throughout Wales to discuss how to make tenants' insurance more widely available. These schemes, offered by social landlords, provide tenants with low-cost insurance cover for their possessions.

Kate Carr, the ABI's Assistant Director of Markets and Regulation, said:

"Many low-income households in Wales struggle to access basic financial products, such as contents insurance. This makes it difficult to plan for the future, and leaves them at the mercy of unwelcome events, such as burglary. Helping landlords provide insurance will ensure that many unprotected and vulnerable Welsh households have the financial protection they need."

Notes

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK's capital. They are the risk managers of the UK's economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

3. An ISDN line is available for broadcasts.

4. More news and information from the ABI is available on our web site, www.abi.org.uk

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