The UK’s financial regulator said insurance companies are not always providing clear information to consumers about whether it is cheaper to pay for coverage upfront or in installments. The Financial Conduct Authority said the industry should take action when required after reviewing 13 insurers and 30 intermediaries. It found a number of cases where insurers…
A tax hike on British motor and home insurance policies effective from Sunday is set to hit consumers and could trigger a fresh round of margin-squeezing price competition among general insurers. The jump in the insurance premium tax (IPT), to 9.5 percent from 6 percent, was a surprise announcement in the July budget and could…
Neos, a UK connected home insurer, announced last week it has secured a £5 million (roughly $6.4 million) series A investment led by Aviva Ventures together with strategic partner Munich Re. The strategic investment accelerates Neos’ growth as the UK’s first company to offer a home insurance product that uses smart home technology to proactively…
Plum Underwriting, the specialist home insurance managing general agent in the UK market, has opened an underwriting and service center as part of its strategy to support continued growth. The center, located in Basildon, England, brings together underwriting, claims, pricing, accounts and administration teams from three office locations in Southend, Brentwood and Sudbury. Creating a…
Telecoms and financial services companies face an investigation by Britain’s competition regulator after consumer body Citizens Advice complained that customers who do not switch providers were being “ripped off” . Such customers were being overcharged 4.1 billion pounds ($5.2 billion) a year, the charity said on Friday and asked the Competition and Markets Authority (CMA)…
Some UK insurers may be forced to change how they set their prices for motor and home insurance as a result of a regulatory investigation next year, according to Fitch Ratings. Insurers have been accused of overcharging customers who do not shop around for the best deal and Fitch expects those insurers engaging in this…
Providers in the U.K.’s markets for cash savings, mortgages, insurance, mobile phone contracts and broadband are burdening customers with a “loyalty penalty” of around 4 billion pounds ($4.4 billion) a year, the Competition and Markets Authority said. Vulnerable people, including the elderly and those on a low income, may be more at risk of overpaying…
It’s a well-trodden truth in our industry that not all risks are created equal, and for insurers, that some risks are riskier than others. However, new technologies mean new avenues of innovation for insurers to explore, providing opportunities to drastically improve risk pricing around more complex perils, which ought to be a huge priority for…
U.K. home and car insurers could be stopped from jacking up prices when customers’ policies come up for renewal as the country’s financial-markets watchdog clamps down on an industry that’s not giving a “good deal” to about 6 million customers. Companies such as Aviva Plc, Admiral Group Plc and Hastings Group Holdings Plc could also…
Swiss Re’s iptiQ and IKEA announced the launch of HEMSÄKER, home insurance that provides accessible protection at an affordable price, said Swiss Re in a statement. HEMSÄKER, which can be purchased online via the IKEA website, was created to extend home insurance to more people and in turn increase their financial resilience. Created by iptiQ…