(155 words)

New data from the ABI shows that unemployment claims on Payment Protection Insurance (PPI) rose to 19,105 in November 2008, up from 8,772 in November 2007 – an increase of 118%. These figures demonstrate the value of PPI and the determination of insurers to help people cope with losing their job.

Nick Starling, the ABI’s Director of General Insurance and Health, said:

“Many people are already feeling the effects of the recession, through rising unemployment. Losing your job is stressful enough, and even more so when you don’t have any protection in place to help ease the financial burden. These figures are alarming, showing just how valuable PPI, and other types of protection insurance, are during difficult economic times.“

Between September to November 2008, PPI unemployment claims rose by 38%, from 13,854 to 19,105.

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Notes

Notes for Editors

1.            Enquiries to:

Jonathan French   020 7216 7392 (Mobile: 07958 330 480)

Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667)

Erfan Hussain       020 7216 7411 (Mobile: 07712 841 184)

Kelly Ostler-Coyle   020 7216 7415 (Mobile: 07968 364 302)

2.            ABI PPI unemployment claims data is based on responses from 79% of the market. The figures have been grossed up to represent the whole market.

3.            The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

4.            An ISDN line is available for broadcasts.