UK-based ICMIF member, The Association of Financial Mutuals, has signed a joint Letter of Commitment with partners across the insurance industry to work together to tackle the protection gap.

The letter, coordinated by Fair4All Finance, and signed by AFM, the Association of British Insurers, the Investment and Life Assurance Group, the Income Protection Task Force, the British Insurance Brokers’ Association and Insurtech UK has been published on the Fair4All Finance website: Joint-Letter-Access-to-Insurance-April-2026-FINAL_V2.pdf

Income protection is one of the fastest growing product areas among financial mutuals and taken together, AFM member sales account for nearly a quarter of the UK income protection market

AFM Chief Executive Andrew Whyte said: “An income protection policy helps individuals and their families remain financially resilient when they face an unexpected event. It can play a crucial role in strengthening financial resilience among vulnerable and exposed groups, such as the self-employed, workers in the gig economy, part-time workers or those with chronic health conditions.

“But despite the clear benefits of taking out a protection policy, many consumers often aren’t aware of benefits such a product can offer. This leads to the protection gap, as identified in Government’s Financial Inclusion Strategy, published in November 2025.

“AFM and our members are committed to working in partnership with Fair4All Finance and other stakeholders across the insurance industry to tackle the protection gap and on, their behalf, I am proud to be a signatory of the joint letter,” Whyte concluded.