With 15% of the UK population self-employed, income protection providers must adapt, says GlobalData

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Income protection insurers need to create tailored policies for self-employed, gig, and zero-hour contract workers that acknowledge uncertain incomes and potential periods of unemployment, according to GlobalData, a leading data and analytics company.

Posted inStatistics and trendson27 Nov 2017

According to GlobalData’s 2017 UK Insurance Consumer Survey, the self-employed were 7.1 percentage points more concerned about saving money for a comfortable retirement (30.7%) than those in full-time employment (23.6%). Paying monthly bills was also a greater concern.

Danielle Cripps, Financial Analyst at GlobalData, comments: “Individuals with uncertain incomes are more vulnerable and concerned about their finances, creating demand for tailored products.”

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