Britons' lack of insurance is "worrying"

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Britons' lack of insurance is "worrying"

Analysts have warned that many Brits have a "worrying" lack of insurance cover, partly due to the credit crunch.

Commenting on the results of a survey released today, Rachel Stiles, spokesperson for Fairinvest.co.uk, said: "The fact that almost a quarter of people are without insurance like life and travel insurance is concerning."

Ms Stiles said that people cutting back on their insurance was understandable during the economic downturn, but unwise.

She advised that "insurance should be one area that is sustained" despite the looming recession.

Financial insurance may become all the more vital if the credit crunch causes more companies or individuals to go bankrupt but nearly 90 per cent of respondents to the survey admitted they did not have basic payments protection insurance.

The government guarantees backing up insurance brokers like RBS/Natwest and Nationwide are aimed at keeping the prices of their services down.

If they prove to be successful, people may find that during the credit crunch insurance provides excellent value for money.

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