Lockdown clearout? Don’t throw away a fortune

HOUSEHOLDS are more likely to have heard from fast food firms and their gym than their insurance company around the coronavirus pandemic, new research has revealed.

Banks were almost twice as likely to have proactively got in touch with their customers as insurers, while the sector that has come out top for communication, despite facing huge challenges with supply chains and delivery services, has been supermarkets.

Eight out of 10 people, responsible for buying the groceries in their home, told data insight specialist Consumer Intelligence they had heard from their supermarket in recent times.

City watchdog the Financial Conduct Authority has written to insurance bosses in an effort to ensure the sector is doing everything it can to support those vulnerable due to the virus outbreak.

The survey also found that two in five people due to renew their insurance in the coming month were worried about not being able to afford the premiums.

Half of them had already been in touch with their insurer to discuss their concerns and reported responses from dreadful to good and proactive.

Ian Hughes, chief executive of Consumer Intelligence, said: “In a crisis, communication is key. At this point in time consumers need information and clarity from their service providers, and they need empathy.

“Many will face financial hardship in the coming weeks and months, and people are worrying about how they are going to survive.

“It is imperative that all sectors maintain open lines of communication to provide peace of mind for their customers at this very difficult time.

“Consumers have very long memories.”