Industry News from Yes Insurance

The young and the wealthy are the most likely to switch their home insurance a spokesperson for the National Consumer Council has said.

According to research, the youngest and the richest of Britain's socio-economic groups are twice as likely to switch home insurance cover than their poor or old peers.

"This market also has the most uneven distribution of switching levels between socio-economic groups. The richest and the youngest are twice as likely to switch insurance than the poorest and the oldest," the National Consumer Council spokesperson said.

"That is a trend across all the sectors but was particularly marked in the home insurance market."

Although home insurance was traditionally tied by law to the mortgage provider, this has since changed and created a more competitive market.

However, not everyone appears to be taking advantage of this and "lazy" consumers were blamed for not shopping around for the best home insurance deal.


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