Skip to main content
Personal Finance Professional – setting standards and guiding the profession - return to the homepage Personal Finance Professional logo
  • Search
  • Visit Personal Finance Professional on Instagram
  • Personal Finance Professional on Twitter
  • Visit @PersonalFinanceSociety on Facebook
Visit the website of the Chartered Insurance Institute Logo of the Chartered Insurance Institute

Main navigation

  • Home
  • News
  • News analysis
  • Features
  • Study room
  • Opinion
  • PFS Radio
  • Digital magazine
Quick links:
  • Home
  • Personal Finance Professional Issues
  • WINTER 2022
News

Cost-of-living crisis changing consumers' claims expectations

Share on
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print
Open-access content Friday 2nd December 2022
yuf

The cost-of-living crisis is causing consumers to want claims paid faster and to feel more in control during the claims process, according to the findings of the latest Chartered Insurance Institute (CII) Public Trust Index.

The quarterly index, which gathers insight from consumers and SMEs about their experience of buying, renewing and claiming on insurance products, reveals that the speed of claims rose from the seventh-highest priority for consumers in July 2021 to the third-highest priority in July 2022.

Control over the claims process has moved from ninth-highest priority to the sixth-highest priority during the same period.

Dr Matthew Connell, director of policy and public affairs at the CII, said: “The last time consumers felt this strongly was during lockdown in May 2020. Consumers do rate the value of the premiums they are paying as important, but quality of complaints handling and the clarity on policy wording are rated higher.

“With the FCA’s measures on renewal premiums in place for less than a year, the Public Trust Index shows this is an area of greatest dissatisfaction. It’s likely consumers feel that they should be rewarded for their loyalty, not penalised and put at a financial disadvantage.”

Image credit | iStock

Linked PFP_Winter2022 v2.jpg
This article appeared in our WINTER 2022 issue of Personal Finance Professional.
Click here to view this issue
Also filed in
News

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Today's top reads

BECOME A MEMBER

BECOME A MEMBER

SUBSCRIBE TO PRINT

SUBSCRIBE TO PRINT
PFP
​
FOLLOW US
Twitter
LinkedIn
Youtube
CONTACT US
Tel: +44 (0) 20 7880 6200
Email
Advertise with us
​

About the PFS

About us
Membership
Qualifications
Events

PFP magazine

Digital magazine
Podcasts
Blog
News

General Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Write for PFP Magazine
Want to receive PFP Magazine
Not a member but interested in knowing more? Click here.

© 2023 • PFP Magazine is published by Redactive Media Group. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ