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PPI unemployment claims more than double
New data from the ABI shows that unemployment claims on Payment Protection Insurance (PPI) rose to 19,105 in November 2008, up from 8,772 in November 2007 - an increase of 118%.
These figures demonstrate the value of PPI and the determination of insurers to help people cope with losing their job.
Nick Starling, the ABI's Director of General Insurance and Health, said: "Many people are already feeling the effects of the recession, through rising unemployment. Losing your job is stressful enough, and even more so when you don't have any protection in place to help ease the financial burden. These figures are alarming, showing just how valuable PPI, and other types of protection insurance, are during difficult economic times."
Total number of PPI unemployment claims * 2007 * 2008 * % Increase
September * 8,179 * 13,854 * 69%
October * 8,476 * 18,068 * 113%
November * 8,772 * 19,105 * 118%
Between September to November 2008, PPI unemployment claims rose by 38%, from 13,854 to 19,105.
