Pricing practices
Throwback Thursday: Broker pay threat & motor premiums hike
Insurance Post’s Throwback Thursday steps back in time to August 1971 to remind you what was going on this week in insurance history when lawyers met to discuss whether entering the European Economic Community could reduce broker pay and motorists moaned about premiums.
Throwback Thursday: Rate rise hope for motor insurers
Insurance Post’s Throwback Thursday steps back in time to July 1996 to remind you what was going on this week in insurance history when motor insurers were told their premiums had finally hit solid ground.
Poverty premium adds £224 to motor insurance costs
The “tax on being poor” identified by the Financial Conduct Authority’s former head of insurance Matt Brewis remains firmly in place, according to new research from Fair By Design and the University of Bristol’s Personal Finance Research Centre.
Campaigner calls for action to tackle the poverty premium
From postcode pricing to premium finance, Rebecca Deegan, director of Fair By Design, insists the insurance market must take further action to improve affordability and access for financially vulnerable consumers.
Throwback Thursday: Motor insurer lambasts shopping around
Insurance Post’s Throwback Thursday steps back in time to June 1971 to remind you what was going on this week in insurance history when a motor insurer’s chairman was moaning about consumers shopping around for cover.
Peers told FCA is not up to standard
The Financial Conduct Authority is falling short of the standard needed to effectively enforce Consumer Duty, consumer advocates told peers yesterday (17 June).
How vet reforms will redraw pet insurance competition
Greater transparency in veterinary pricing could transform how pet insurers price risk, design products and compete for increasingly informed customers, according to Scott Williams, head of pet at Hood Group.
Fair value rules still fail brokers and consumers alike
Four-and-a-half years after the Financial Conduct Authority’s fair value rules arrived, Branko Bjelobaba, principal of compliance consultancy Branko Ltd, argues inconsistent data and vague metrics still make it difficult for brokers and consumers to…
Compare the Market teases global expansion
Compare the Market’s chief operating, technology and data officer, Sam Jones, has hinted at potentially moving into “every territory in the world” following the rapid increase in productivity artificial intelligence has facilitated.
Insurer action on loyalty penalty gets public recognition
A growing number of consumers now believe insurers have responded effectively to their concerns about the loyalty penalty, according to data published by the Chartered Insurance Institute.
Will Excel survive the insurance pricing revolution?
Insurers are modernising pricing, yet spreadsheets dominate workflows. Why hasn’t Excel gone away?
ERS warns motor pricing discipline must return
Declan O’Mahony, head of claims at ERS, warns motor claims inflation is back driven by energy costs, supply chain disruption and repair pressures, so insurers must restore pricing discipline now to avoid sustained underwriting losses.
Are motor premiums nearing equilibrium?
To kick off Motor Week, Stephen Kennedy, director at Defaqto, reveals after a sharp correction, falling motor premiums are beginning to level off, suggesting a more stable yet uneven competitive landscape ahead.
Flood risk causes £239 home insurance premium gap
Homeowners in previously flooded properties are paying more than double the UK average for home insurance, according to new data from Compare the Market.
Why the FCA’s fair value rules need a rethink
Four years after their introduction, Branko Bjelobaba is principal of Branko Ltd, observes the Financial Conduct Authority’s fair value rules remain costly, unclear, and ineffective offering consumers little real insight into whether general insurance…
FCA outlines insurance regulation plans
The Financial Conduct Authority has promised to improve access to insurance, scrutinise claims handling, get to grips with artificial intelligence and cyber risks, plus slash red tape over the year ahead.
Which? fears FCA’s premium finance response is a worrying omen
Rocio Concha, director of policy and advocacy at Which?, warns the Financial Conduct Authority has failed to take decisive action on costly premium finance, leaving financially vulnerable insurance customers paying over the odds.
Why FCA’s premium finance probe fell short
Rebecca Deegan. director of consumer campaign Fair By Design, argues the Financial Conduct Authority premium finance market study stopped short of addressing past overcharging or tackling the underlying incentives that push costs onto people who have the…
Why UK drivers deserve fairer motor insurance premiums
David Kelly, commercial director at Percayso, explains why data could be the silver bullet to help the insurance industry deliver fair premiums for customers.
FCA ends premium finance probe looking like a tired parent
Editor’s View: Two years after the Financial Conduct Authority kicked off about premium finance, Emma Ann Hughes feels the regulator’s market study final report felt more like finger-wagging from a worn-out parent than meaningful action from a watchdog…
Premiums continue to fall but the winds could change
Both Pearson Ham, and Confused and WTW’s latest data has showed home and motor premiums continuing to fall. However, Pearson Ham suggests the tide is about to change.