Pricing practices
FCA claims Gap action will save consumers £70m
The Financial Conduct Authority has said consumers will save around £70m due to improvements firms must make to guaranteed asset protection insurance products.
Compare the Market utilising AI to ‘perfect’ product comparison
Compare the Market CEO Mark Bailie has labelled artificial intelligence a “godsend” as he pledges to use the technology to achieve perfect price comparison.
Spotlight: Insurance’s regulatory burden – are we to blame?
The insurance industry is under immense pressure from an increasing regulatory burden, but to what extent are firms themselves to blame for failing to adopt modern technology and processes?
Which? reveals insurer premium finance APRs
Research conducted by Which? has found that several motor and home insurers are charging what the consumer watchdog called “excessively high levels of interest on monthly payments.”
Reinsurers told they cannot ‘run from risk’
Reinsurers have been urged by Aon to “lean into risk” to protect the relevance of the broader insurance industry.
Pet insurance premiums decrease in August
Pet insurance premiums declined slightly in August, but remain 10% more expensive than a year ago, according to the latest Pearson Ham data.
How to educate consumers about the value of insurance
Ways to make sure consumers understand the value of insurance rather than just see the price is the topic of the latest Insurance Post Top Tips video, featuring Martyn Mathews, managing director of SSP Broker.
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a…
Consumer group warns of insurers overcharging vulnerable customers
The Financial Services Consumer Panel has published a research paper raising concerns that vulnerable customers may be at risk of overpaying for insurance.
Property insurance payouts hit record quarterly high
Insurers paid £1.4bn in claims for property damage during the second quarter of the year, according to the latest data from the Association of British Insurers (ABI).
Crunch time for insurers’ Consumer Duty reports
One year on from the introduction of the Financial Conduct Authority’s Consumer Duty requirements for open products, Emma Ann Hughes investigates whether insurers will get a pat on the back or a clip round the ear from the regulator when they hand in…
Industries with the greatest underinsurance gaps revealed
Data Analysis: The push by insurers and brokers to prompt policyholders to review values appears to be having some effect in certain sectors but is failing to get through to others, data from Charterfields shows.
Why home insurers must cut to the chase
Editor’s View: Emma Ann Hughes is annoyed by home insurers’ waffling attempts to explain what is pushing up premiums.
Broker earnings boosted by 11.3% in 2023
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around $168bn (£132bn) in 2023, up from about $151bn in 2022 on a constant currency basis, according to research by Insuramore.
How generative AI is everything, everywhere in insurance all at once
How insurers have been able to swiftly pilot generative artificial intelligence, prove the value of embracing this technology and roll it out across the wider business is examined by Insurance Post Editor Emma Ann Hughes.
Labour outlines plan to make car insurance prices plummet
Labour has pledged to hand cash to councils to repair up to a million potholes a year in England and announced it will make the regulator crack down on the causes of soaring motor insurance prices.
What insurers should know about the Conservative Manifesto
The Conservative Party followed hot on the heels of the Liberal Democrats and launched a Manifesto today (11 June) with the slogan “Clear plan, bold action, secure future.”
What a Labour victory means for insurance
James Daley, managing director of the research and consultancy group Fairer Finance, reveals who should fear the approach of a new Labour administration and what companies could thrive if the Conservative Party are ousted at the general election on 4…
Admiral offers refunds after overcharging ‘small percentage’ of customers
A percentage of Admiral customers have been issued a refund after the insurer identified an error affecting the premium quoted at renewal.
Is premium finance still a tax on the poor?
News Editor’s View: Scott McGee considers whether recent steps taken by trade bodies to address premium finance will reassure the Financial Conduct Authority that this payment method is no longer a ‘tax on being poor’ that needs to be tackled.
What is going on with electric vehicle insurance?
Post Podcast: What pushed up the price of electric vehicle insurance plus the steps providers are taking to ensure premiums are affordable is the topic of the latest Insurance Post Podcast.