Consumers want high-quality affordable services from insurers, but less than half of UK adults take up any form of long-term protection, data from The Exeter shows.  

The insurer finds that 99% of customers say high-quality products are important to them when buying cover.   

This is closely followed by 98% who jointly add that affordability, and a strong track record for paying claims are key in deciding insurance purchases.  

But the firm adds that “although UK adults have a strong shared notion of what counts as an attractive insurance product”, 48% of them have no insurance such as income protection, health insurance, life insurance or cash plans.   

The study says: “The low uptake of these forms of cover across the population indicates that the insurance sector still has substantial room to grow, but only if consumer needs over quality, affordability and service are addressed.”  

The Exeter chief executive Isobel Langton says: “The findings from our research are clear: insurers must continue to work hard to ensure quality is not sacrificed for affordability.   

“Finding the right balance is key. High-quality products, excellent customer service and a commitment to being a diverse and inclusive business are not optional extras.   

“They are now key considerations that consumers rightfully expect of any insurance provider.”  

All data comes from The Exeter’s, Challenging Times: The Health and Financial Years of UK Workers, a September report that surveyed 2,000 employed and 2,000 self-employed adults on their financial fears during a time of record NHS waiting times and increased living costs.