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Insurance vital during recessions, says lender
18 November 2008 16:47
Homeowners have been warned to protect themselves against theft in the face of an oncoming recession.
According to research by Abbey, in times of economic difficulty burglaries and home break-ins increase dramatically - highlighting the importance of adequate home insurance.
Drawing on statistics from the UK's last recession, Abbey stated that the number of domestic burglaries rose by 33.8 per cent in the period between May 1990 and March 1992.
Thierry Campet, sales and marketing director at Abbey insurance, said that with most commentators agreeing that the UK will officially be in recession by Christmas, it is that crime will rise as a result of the worsening economic climate.
He added that during tough financial times, many households considered cutting back on home insurance, which becomes ever more important during recession.
In the UK alone, Abbey has more than 700 branches and employs over 16,000 staff. Its services include mortgages, savings and current accounts.
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