The cost-of-living crisis is hitting both consumers and businesses, raising concerns that business owners and consumers may decide that insurance is an overhead they can forgo, and leaving them unprotected.

Customers in financial difficulty are more likely to need to pay for their insurance monthly through premium finance.

Due to the economic pressures mounting, the FCA has asked insurers to reassess customers’ needs, and look to find help find solutions to avoid customers cancelling necessary cover.

The FCA stated that insurance companies can help customers in financial difficulty by:

● Reassessing customers’ needs
● Considering whether there are other products that better meet the customer’s needs
● Providing clear information to consumers about the additional cost of premium finance
● Working with customers to avoid the need to cancel necessary cover
● Waiving fees associated with adjusting a customer’s policy in line with the reassessments
● Considering whether cancellation fees should be removed for customers in financial difficulty

Working with customers to avoid cancelling their policies; helping to keep them covered is important to keep their businesses safe from expensive claims.

Orchard Funding Ltd provides insurance premium funding to UK insurance brokers. We have funded over 150 insurance brokers across the UK with our unique In-House finance and Direct offering.

For further information on how we can help your insurance business, please contact:

Amanda Lomas Tel: 07810275464 or Juan Ortiz Romero Tel: 07538046891

www.orchardfunding.co.uk