Among the different reasons given for not buying protection by those that dropped out, between 79% and 95% of consumers said something could have changed their decision, the Association of Mortgage Intermediaries (AMI) reveals.

An early release of data from this year’s Ami Protection Viewpoint Study found that the barriers standing between consumers and protection are rarely fixed.

This comes two weeks after the Financial Conduct Authority (FCA) published the final report of its Pure Protection Market Study, which found that 58% of UK adults have no protection – and 59% of that group have never even considered it.

Ami chief executive Stephanie Charman says: “The FCA’s final report has put a clear marker down: now is the time for the industry to move from talking about the protection gap to actively working to close it.”

“The Viewpoint study gives us the evidence and insights, and now AMI has the mandate to put it to work with advisers.”

“What our research tells us, is that the protection journey is not linear. Consumers are not closing the door on it, but the industry isn’t always finding the moment to open it. Cost, confidence, understanding, and timing are all barriers that can be addressed, not fixed points that rule people out for good.”

“This year’s report will focus the insights through three pillars: consumer, proposition and the advice model – offering practical, evidence-led support that help the industry understand the moments, conversations and approaches that can turn interest in protection into action.”

“We hope the industry leans in to join us to take action to close the protection gap.”