Leading insurance bodies have signed a Letter of Commitment with Fair4All Finance, signalling a shared determination to improve access to income protection insurance for people on precarious incomes across the UK.
The commitment responds directly to the Government’s Financial Inclusion Strategy (2025), which highlighted that many people, including the self‑employed and those without access to workplace benefits such as group income protection or critical illness cover, face limited, unaffordable or unsuitable options to protect their incomes.
A unified industry response
Signed in April 2026, the letter brings together major organisations from across the insurance sector, including the Association of British Insurers (ABI), British Insurance Brokers’ Association (BIBA), Investment & Life Assurance Group (ILAG), Income Protection Taskforce (IPTF), Association of Financial Mutuals (AFM) and Insurtech UK. Collectively, they represent insurers, intermediaries, mutuals and technology‑led firms, demonstrating broad industry agreement on the need for coordinated action.
By signing, these organisations formally commit to working with Fair4All Finance on a comprehensive research and action programme, funded through Dormant Assets, to address long‑standing gaps in the income protection market.
What the commitment covers
The work will focus on:
- Understanding the protection needs of people on precarious incomes
- Reviewing existing and past initiatives to identify what has and hasn’t worked
- Assessing current market offerings and improving awareness of existing products
- Learning from international best practice to inform UK solutions
The programme will produce clear findings, recommendations and agreed industry actions aimed at increasing awareness, improving access to protection, and informing future product development and delivery models. It will also identify opportunities for industry‑led pilot activity to increase uptake among underserved groups.
The final report is expected in Q4 2026, with signatories committing not only to contribute data, expertise and leadership to the research, but also to collaborate with Fair4All Finance on practical pilot solutions in 2027.
This letter marks an important milestone in building a more inclusive insurance market and strengthening financial resilience for those most exposed to income shocks.
You can read the letter in full here.
