Recent reports have shown that, due to the current credit crunch, fraudulent insurance claims have been on the increase. However, the credit crunch has also been responsible for a rise in the sales of certain insurance policies.
The credit crunch appears to be directly responsible for increasing the sales of Accident, Sickness and Unemployment (ASU) insurance policies. These policies provide policy holders with a sense of security, as insurance companies will pay a customer’s bills and repayments in the case of redundancy.
Emma Walker, sales manager for Moneysupermarket.com, has explained that ‘When customers talk to our advisors they explain their fears about losing their jobs and making sure they can pay their bills’. The comparison website has seen a 15% increase in ASU price comparison searches since last summer.
With unemployment levels expected to reach up to 2.3 million people by the end of 2009, it is probable that the demand for ASU insurance policies will continue to rise.
