The event took place on February 7, at the House of Commons. It was a drop-in session featuring government officials, registered social landlords, and insurance professionals.
A statement from Aon noted that the event was organised in light of the current cost-of-living challenges faced by many. The company said that “insurance can play a crucial role” in protecting the most vulnerable members of society, so improving the take-up of TCI “will be increasingly vital.”
Citing the latest data from WPI Economics, Aviva noted that 61% (2.5 million) of UK renters with an annual household income of less than £17,000 have no contents insurance. Another report from the Financial Inclusion Commission said that 64% of those without contents insurance would either do without or would get into debt to replace stolen or damaged goods.
It was also noted that in the UK, 86 registered social landlords are adopting Aon and Aviva’s TCI initiative – but take-up across the country remains low.
“While the cost-of-living crisis is impacting all, it is directly harming those most vulnerable,” said Aon UK CEO Julie Page. “The majority of low-income tenants are without contents insurance which not only adds to their financial pressures, but it can adversely affect their emotional wellbeing. In an increasingly ambiguous and volatile world, the insurance industry has an important role to play in designing products and convening policymakers to address these problems and find a solution.”
