Insurance firms’ pricing practices will come under the spotlight on Tuesday
22 September 2020, 02:54
The Financial Conduct Authority previously estimated that around six million policyholders pay high prices.
Insurers’ pricing practices will come under the spotlight on Tuesday, when the City regulator publishes a final report into its general insurance market study.
The Financial Conduct Authority (FCA) previously found that around six million insurance home and motor insurance policyholders pay high prices.
It said previously that while a lot of people shop around, many loyal customers are not getting a good deal.
General insurance pricing practices – see today’s publication: Market Study Interim Report https://t.co/NGgmOhH9Sf pic.twitter.com/tkgtGKbxxO
— Financial Conduct Authority (@TheFCA) October 4, 2019
The regulator has estimated in the past that if those customers paying high premiums paid the average price for their risk they could save around £1.2 billion a year.
It has been considering various remedies to improve competition.
These could include restricting the way that firms use automatic renewal.
