Skip to main content

UK’s tech insurance market is still full of opportunities reckons banking giant

A new study by banking giant Halifax suggests that around one in every ten gadget users in the UK do not have adequate insurance for their technology devices.

The UK based financial behemoth further claimed in its report that the lack of awareness amongst the population has created a massive £32bn black hole in the UK insurance market.

The study also reveals some interesting facts about the sociological impact of technology in the UK; approximately 45 per cent of the population depends on tech gadgets to stay in touch with family and friends, even when they are within the same house.

In addition, nearly one in every five respondents admitted that they prefer to talk over the phone or social media rather than communicating in person.

"We are a switched on nation, increasingly reliant on gizmos and gadgetry to help us stay connected and communicate," Martyn Foulds, senior claims manager at Halifax Home Insurance, stated according to Post Online.

"However, it's surprising that despite high investment and heavy reliance on technology, people are still willing to risk losing their items and digital content by failing to ensure they have adequate insurance cover," he added.