This report examines the poverty premium in insurance. It explores the prevalence, key drivers and impact of the premium on the low-income consumers who experience it. Research included discussions with regulators, civil servants, insurance practitioners and consumer advocates as well as consumers with lived experience of poverty.

The report makes a number of recommendations to mitigate the poverty premium as it relates to insurance. The key objective of this collaborative research is to shine a light on a complex issue and suggest ways to address it constructively.

Published in September 2021 by the Institute and Faculty of Actuaries and Fair By Design.