Change stacked next to a toy wooden house, a downward point air is above the home. “The combination of people’s finances being squeezed and their opinions of insurers being low threatens to widen the insurance gap in ways that could make consumers far more open to harm,” René Schoenauer, director of EMEA product marketing for Guidewire, said. (Credit: candy1812/Adobe Stock)

As consumers worldwide continue to feel the pressures from supply chain snarls and cost of living increases, around half (48%) of U.K. consumers said they would look to cut costs by eliminating nonmandatory insurance coverages, according to a survey from Guidewire.

Travel insurance is the most likely type of coverage to be dropped, with 18% of consumers saying they are likely to cut travel coverage. Additionally, 17% said canceling home content coverage would help them save money. Guidewire noted this provides an opportunity for insurance companies to provide more tailored policies that can help reduce cost-of-living expenses for policyholders feeling inflationary pressures.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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