A poll of 221 CII members in June found that 61% had heard from clients who could no longer afford existing insurance premiums because their finances had been hit due to the Coronavirus pandemic.

A number of insurance professionals have helped clients by trying to find lower cost cover or reduced cover at lower premiums.

Michael Mutua, claims and underwriting associate at Risk & Insurance, said he had suggested underwriters consider cushioning clients by lowering rates.

Keith Richards, managing director of engagement for the Chartered Insurance Institute and chief executive of the Personal Finance Society, said: “During these challenging times, insurance and personal finance professionals are helping consumers and assisting those who are experiencing temporary financial difficulties.

“Insurance brokers and financial advisers are best placed to consider a customer’s individual needs and their services should be sign-posted more widely. It is great to see our profession helping customers revise and retain cover at a price they can afford to ensure they remain protected against key risks.”

The CII says its survey follows the FCA recently announcing that it was important consumers do not leave themselves uninsured.

Some four out of 10 professionals (39%) said they had not heard from any consumers struggling to afford cover.