Opinion: The FCA's Christopher Woolard on pricing
Paying the price: Customers shouldn’t lose out for being loyal, says Christopher Woolard
Pricing practices in the insurance industry have been the subject of a huge amount of commentary in recent years. We recognise it’s a complex issue. Sometimes there will be difficult trade-offs from pricing practices, which can create winners and losers.
However, we find that customers who have been with the same home insurance firm for five years pay on average 70% more than new customers. This is even though the costs and risks of providing insurance to both new and longstanding customers may
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