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Insurers must cater for migrant groups, says CII

Insurance firms must develop more products for migrant groups working in the UK, according to research published by the Chartered Insurance Institute today.

The study, ‘ageing and migration trends’, looks at what the likely impact the potential wave of migration workers coupled with the ageing of European society might have on the insurance and financial services sector.

The research, written in conjunction with Chatham House, said as more people from outside the EU settle within its boundaries to work insurers and financial services firms will have to develop products to protect them temporarily or permanently over the next five decades.

Report author Vanessa Rossi of Chatham Housesays: “All businesses will need to adapt to changing population structures, with far less emphasis on the previously dominant clientele of indigenous 15 to 65 year olds.

“Despite their typically higher risk profiles, banking and insurance providers and other businesses will need to address the requirements of transient cross-border workers, who could represent more than 100 million of the EU workforce by 2060.”

CII head of policy and research Laurence Baxter says: “This valuable research points the way towards a new market that will become increasingly important. Insurance and financial services is a fast moving and flexible industry and there is no doubt that it will rise to the challenge of providing the products that clients from immigrant groups will require.“

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