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The cost of PPI cover is on the up due to rising unemployment. Regular Payment Protection Insurance and Mortgage PPI has seen an increase in premium costs due to more home-owners finding it difficult to make repayments.
The rising unemployment levels, which are expected to reach 3 million, the continuous PPI claims that are being paid out and the pressure on insurers to bring in more money for their parent companies who are lending less due to the recession, will only continue to boost insurance costs. This only goes to back up the Financial Services Authority’s decision to ban the sale of PPI alongside borrowings to increase competition and reduce costs.