The Chartered Insurance Institute (CII) is currently developing guidance on working with victims of abuse, hailing from a recent report by the Surviving Economic Abuse (SEA) group which highlights the challenges faced by victim-survivors in the context of life insurance policies.
The report, entitled “Life insurance and economic abuse: The challenges faced by victim-survivors of economic abuse in accessing and ending life insurance protection,” was authored by Professor James Davey of the University of Bristol and Financial Conduct Authority (FCA) consumer panel member, Johnny Timpson. It details the impact of life insurance policies on those who have suffered economic abuse, supported by research from Aviva indicating that two in five British adults have experienced economic or financial abuse at some stage.
In anticipation of International Economic Abuse Awareness Day on November 26, the CII has committed to developing guidance for insurance professionals, based on the report’s recommendations. The report urges member organisations to create an industry-led code of best practice to support victim-survivors of economic abuse.
The CII also plans to collaborate with its members to produce practical guidelines, drawing on the case studies and practitioner recommendations presented in the report.
Matthew Connell, director of policy and public affairs at the CII, acknowledged the significance of the issues raised in the report for insurers and advisers. He stated that the CII will update its materials to reflect the insights from the report, particularly considering Consumer Duty, which emphasises the importance of treating potentially vulnerable groups with care.
Surviving Economic Abuse head of advocacy and communications Sara D’Arcy also highlighted the severity of the issue, noting that perpetrators of domestic abuse often use life insurance policies to exert control and potentially profit from the death of victim-survivors.
“We are pleased that the Chartered Insurance Institute has committed to tackling this issue by developing best practice guidance to help firms and practitioners support economic abuse victim-survivors. We welcome the opportunity to support the CII in producing the guidance and continue to raise awareness of this important issue,” D’Arcy said.
In other recent developments, the CII also published its latest figures from the Public Trust Index.
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