Responding to the UK Government鈥檚聽,听Louise Pryor, President of the 黑料正能量, said:
2 February 2022
Responding to the UK Government鈥檚聽,听Louise Pryor, President of the 黑料正能量, said:
鈥淚t is right that today鈥檚 White Paper includes a focus on widening opportunity, but it is also important that the levelling-up agenda increases individuals鈥� financial resilience. As set out in our recent joint report on the聽poverty premium in insurance, many vulnerable and low-income consumers are offered unaffordable insurance premiums, or refused cover altogether. Such consumers are often deemed by insurers to be 鈥榟igher risk鈥�, and this can be due to a range of factors. However, many of these factors can be outside the individual鈥檚 control, such as where they live. This then leads to financial exclusion and a lack of financial resilience amongst those who may need it most.
鈥淕reater financial resilience will help to empower individuals to benefit from levelling-up, and help tackle financial and wider exclusion. We recommend that the Government should consider measures to help with the delivery of a minimum level of insurance protection, providing lower income and vulnerable customers with access to an appropriate financial safety net.
鈥淔rom investment in infrastructure and understanding regional health inequalities, to ensuring individuals are able to retire comfortably or access social care services, actuarial expertise and skills will be critical if progress is to be made on the various issues highlighted in the White Paper.鈥�
~ENDS~
Contact
Sonia Sequeira, Media Relations Manager, IFoA
Tel: 07525 592 198
贰尘补颈濒:听sonia.sequeira@actuaries.org.uk
Notes to Editor
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