The Association of British Insurers (ABI) has stepped up its defence of payment protection insurance (PPI) by releasing unemployment figures it says demonstrate its value.
According to ABI data, unemployment claims on PPI jumped 118% between November 2007 and November 2008 - from 8,772 to 19,105. The Competition Commission (CC) has criticised the PPI market as part of an ongoing review into the product after floods of complaints of mis-selling by consumers. Additionally, the FSA last week welcomed a move by several banks to stop selling single-premium PPI and urged other providers to take note. But Nick Starling, ABI director of general insurance and health, says: "Many people are already feeling the effects of the recession, through rising unemployment...
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