The growing use of credit to buy insurance
New research by Premium Credit reveals the insurance intermediary market anticipates consumers will use credit more this year when buying insurance.
A study by Premium Credit has found that among SMEs 42% plan to borrow more this year to fund their insurance while just 4% intend to use less.
Nearly half (47%) of SMEs stated that they are using increased amounts of credit to buy insurance due to rising premiums.
According to the report 50% of the SMEs involved plan to borrow £4,000 or more to fund their cover(s) this year.
The survey suggests that up to 18,000 SME owners who used credit in 2018 to fund insurance are still paying off the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Brokers play vital educational role on renewable energy risks
Rosie Simms explores the role brokers play in the push for greater renewable energy consumption across the UK.
Biba 2025 Countdown: Granite’s Alistair Rose
Alistair Rose, managing director of Granite Underwriting, talks up the merchandise on its stand, recommends Manchester Art Gallery as a calm place to reflect on the Biba buzz, and highlights an emergency snack stash as essential to get through the two days.
Markel becomes Biba partner
The British Insurance Brokers’ Association has welcomed Markel as an official partner.
Clear rebrands MGA unit to Shape Underwriting
The managing general agents division of the Clear Group has rebranded to Shape Underwriting, effective immediately.
Biba unveils new 5.2% regulation costs metric
The British Insurance Brokers’ Association has revealed for the first time the impact of regulation costs on insurance premiums paid by clients, setting the proportion at 5.2%.
Acrisure kicks off broker rebrands with Sutton Winson
Sutton Winson has become the first of Acrisure’s nine retail insurance brokers to rebrand in the UK being renamed as Acrisure UK Broking with others to follow during the course of the year.
Biba Countdown 2025: SSP Broker’s Martyn Mathews
With the latest Biba conference soon upon us, Martyn Mathews, MD of SSP Broker, highlights the importance of socks, teases a revised sneak peek of its proposition, and explains how he could give speaker Gareth Southgate a run for his money as manager of the Lichfield City under 14s.
No new FCA skilled persons investigations into insurance in final quarter
The Financial Conduct Authority did not commission any skilled person reports in the insurance sector between January and March, leaving the running total for the 2024/25 financial year at 10.