ABI response to the Government consultation on the Homeowners Mortgage Support Scheme
Commenting on the Government’s proposals for a Homeowners Mortgage Support Scheme, Nick Kirwan, the ABI’s Assistant Director of Health and Protection, said:
“We are pleased that the Government has acknowledged the growing protection gap in the UK. However, rather than use scarce public funds where self-help is available through protection insurance, we firmly believe that the right long-term solution is for the insurance industry and the Government to work together to encourage responsible borrowing. When people take on debt responsibly, they should only borrow what they can afford to repay from their current income and ensure they have protection insurance in case they lose their income in the future. This is particularly important for secured mortgages where individuals and families can lose their home.
“In a recession, it’s natural that people’s main concern is losing their job. However, regardless of the economic climate, people also need protection insurance in case they become too ill to work or in the event of the death of a family breadwinner.”
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Notes for Editors
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2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.
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