Mortgage intermediaries are potentially missing out on a huge £30m home insurance windfall, according to Abbey for Intermediaries.
With only one in five homeowners purchasing insurance with a mortgage, intermediaries could be losing out on a market worth a potential £30m in sales commission, suggests Abbey's sales data.
Cross-selling of insurance products to homeowners offers rich pickings - regardless of whether the housing market recovers - and intermediaries must "exploit" the general insurance market, says the bank.
Managing director of Abbey for Intermediaries Ricky Okey thinks brokers are missing out on a lucrative market.
"It is no secret insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.
"The housing market is still contracted and although there are some positive signs that may indicate growth this year, we are a long way off previous levels."
On the back of Abbey's findings, this week the bank made changes to its Additions home insurance range, including reducing premiums for customers by an average of 17%.
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