In a statement released this afternoon, Baigrie says it was not possible to raise the £5m that the group estimated it needed to run a hard-hitting media campaign.
The group for 22 insurers and reinsurers had been brought together by Baigrie in an attempt to launch a joint media initiative to promote the need for protection.
Baigrie says: “The Consumer Protection Insurance Engagement Campaign has not achieved the agreement on funding that we had hoped and is therefore at an end for now.
“As the range of genuine issues became apparent it was clear that we could not seek to address them all, but for now should merely fully report them as vital learning points to inform subsequent efforts.
“Whether there is further action in the future is for others to decide. What is absolutely clear, and which everyone agreed upon, is that there is a great need to raise consumer awareness on the need for protection. It is therefore a great shame that the leaders of the protection industry could not agree to move forward and meet the costs. However, I feel there are valuable lessons to learn for the future.”
Baigrie says although his efforts have failed so far to create a marketing campaign to launch next year, he hopes it will set the stage for one in the future under different leadership.
He says: “While it could be said that this exercise has failed and thus been a waste of time and money, I see it differently. It has moved the original whimsy into the realms of concrete proposal and in doing so has found its limitations. In doing that it has clearly signposted the ways that are possible going forward and those that aren’t. While I have run out of resource and leadership ability, it remains open to those capable of leading the industry through its trade bodies and within the reinsurance sector, to take over the effort, fund its refinement and focus and bring it into a much needed reality.”