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Financial Crisis Hits Reputation

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Financial Crisis Hits Reputation

We have all be hit by the recent financial crisis, with some obviously hit worse than others.

It is clear to see that UK finance companies have come out of it looking very bad, with many considering them as the main reason we had a recession in the first place. The life assurance industry is no different and believe their reputation has been badly hit.

ABI

The Association of British Insurers (ABI) believe that it is their reputation that continues to be their largest failing. This is the results of a survey that they commission and recently announced at their conference.

Otto Thoresen made the following comments:

"The reputation of UK financial services firms was undoubtedly harmed by the banking crisis," he said. "Insurers are not banks. Despite this, we have to tackle our reputation head-on and we have a good platform to do this from.

"Consumers recognise the importance of insurance, and every day insurers pay out £173 million in pensions and life insurance and £58 million in general insurance claims, such as on motor and household. Yet, despite the valuable role insurance plays in millions of people’s lives, the public perception of our industry is not high. We need to do something about this.”

Do you think they will turn this around fast?

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