ABI: there is still faith in City bosses

PUBLIC fury over the financial crisis and &ldquo;fat cat&rdquo; bonuses has failed to derail confidence in bosses at the City&rsquo;s major companies, the Association of British Insurers (ABI) will claim today at its biennial conference.<br /><br />The ABI will unveil the results of a major national survey on economic sentiment suggesting that the majority of people think UK Plc is generally well managed. The survey shows that Scottish people are most cynical about UK blue chip executives, while Londoners are the most supportive.<br /><br />But while confidence in big business is surviving, ABI director general Stephen Haddrill will also unveil &ldquo;disturbing findings&rdquo; suggesting that consumers are failing to renew insurance policies due to the recession. <br /><br />Data from a YouGov survey of over 2,000 adults shows that almost a quarter of people have cancelled or failed to renew their contents insurance to save money. In addition, the survey shows that 17 per cent of adults have cancelled or not renewed their buildings cover. In Scotland, the figure is 21 per cent.<br /><br />Haddrill will defend the insurance sector, claiming that cutting back on insurance protection is a &ldquo;false economy&rdquo;. <br /><br />George Osborne, the Conservative shadow chancellor, will deliver a keynote speech at the conference and delegates will also hear Lord Turner, chairman of City watchdog the Financial Services Authority. He will give a speech on the future of regulation.<br /><br /><strong>FAST FACTS </strong>YOUGOV SURVEY<br />&9679; Half of those surveyed said their biggest worry was their ability to cope with a sudden event, like a burglary, during the downturn<br /><br />&9679; Despite that, 22 per cent have stopped renewing their home contents insurance