Sales of product insurance could increase over the coming month as people start buying goods to entertain themselves over the festive season, it has been claimed.

According to Allianz Schemes, Brits are likely to cut back on going out this year in order to save money.

However, it added a study by Verdict Research revealed the games consoles and software market is expected to increase by 42 per cent this year.

This will allow retailers to bolster revenues by selling product insurance, Allianz Schemes claimed.

Spokesperson Steven Burrell stated he believed "people have become increasingly concerned about how they would afford to repair or replace their purchases".

He added as a result consumers are "willing to pay extra for the promise of a no-hassle solution if things go wrong".

In other news from Allianz, the group recently urged insurance brokers to help raise health and safety awareness among their clients.

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