Citizens Advice slams home insurers in dual pricing report
Charity calls for the FCA to identify concrete solutions to the loyalty penalty as part of its insurance market study, after survey reveals home insurers make 100% of their profits from loyal customers.
Home insurance companies make all of their profits from the loyalty penalty, according to research from Citizens Advice.
The charity, which submitted a super-complaint slamming the practice of overcharging loyal customers to the Competitions and Markets Authority (CMA) in September 2018, said it had found that home insurers make over £1bn a year from loyal consumers holding policies for six years or more.
The research also revealed that loyal customers are paying an annual average premium of
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