Report recommends establishment of insurance commissioner

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Report recommends establishment of insurance commissioner

Mon 27th Jul 2009

A report analysing the future of the insurance industry has recommended that a financial education commissioner is appointed in the UK to better educate people on the necessities of insurance.

The paper examines Brits' need to save more money, demonstrate greater awareness towards pensions and retirement and points out that extreme weather is becoming more common in the country, the Guardian reports.

According to the document, the role of the commissioner would be to "work with the whole financial services industry to improve all aspects of financial education and literacy, including in the context of the national curriculum, and develop a trusted financial education and information service".

The report, which was chaired by Aviva's chief executive Andrew Moss and Alistair Darling, is due to be evaluated by the government and could be used as a blueprint for introducing regulatory change in the future.

Meanwhile, travel firm On The Beach revealed last week that Brits are losing millions of pounds annually by failing to take out insurance before they travel abroad.

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