Insurance and Parliamentary officials join to encourage contents cover to protect the vulnerable

Houses-of-Parliament

Aon plc was delighted to host an event in collaboration with Aviva on 7th February 2023 to bring together leading experts in the field and raise awareness of the importance of Tenants Contents Insurance (TCI). With the current cost-of-living challenges, insurance can play a crucial role in protecting the most vulnerable members in our society against financial shocks, and improving the take-up of TCI amongst social housing tenants will be increasingly vital.

The event, which took place at the House of Commons, was a drop-in session welcoming government officials, registered social landlords, and insurance professionals. It aimed to expand the  awareness and understanding of Aon and Aviva’s TCI initiative, which leads the way in working with local authorities and housing associations in providing affordable contents insurance to social housing tenants.

The proportion of tenants on lower incomes who purchase contents insurance remains very low, with the latest data by WPI Economics for Aviva finding that 61% (2.5 million) of UK renters with an annual household income of less than £17,000 have no contents insurance. Furthermore, according to the Financial Inclusion Commission, 64% of those without contents insurance would either do without or would get into debt, to replace stolen or damaged goods. In the UK, 86 registered social landlords are adopting Aon and Aviva’s TCI initiative however, take-up across the country still remains low despite growing macro problems.

Julie Page, Chief Executive Officer of Aon UK, said: “While the cost-of-living crisis is impacting all, it is directly harming those most vulnerable. 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. 

“Financial inclusion is at the heart of Aon’s operations, and we remain committed to providing insurance protection to the underserved of our society in a way that is accessible and cost-effective. I look forward to working together with our partners to help tackle this growing challenge.”

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER