Chief executive, Sean Gardner, said: “Insurance has been incredibly competitive for a long time now.”

“And with online price comparison becoming mainstream for millions of people, it’s even more likely that people will be happy to chop and change providers in search of the best deal,” he added.

The company’s Switching Index reported that approximately 1.6 million more car and home insurance products were switched during the third quarter than in the previous three-month period.

And around 15 per cent of adults (6.9 million) swapped motor insurance provider, while 10 per cent (2.4 million) changed their home insurance policy during the six-month period.

The index also shows that electricity bill switching has risen two percentage points in the past six months. Around 3.6 million households (15 per cent) claim they have swapped provider during the May to October period.

“It will almost certainly be the case that everyone can save money by switching and we would urge consumers to continue to seek out the best deals,” said Mr Gardner.

Overall, approximately half of the UK population switched 37.5 million products and services monitored by the company in the six months to October, equating to more than 205,000 swaps every day.

The index monitors a range of products including gas and electricity providers, mobile phones, credit cards, broadband and bank account customers.

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