Dual pricing
FCA ends Scottish broker’s trading permissions after dual pricing attestation and response failures
The Financial Conduct Authority has cancelled L R Kennedy Insurance Services’ permission to carry out regulated activities with immediate effect.
Direct Line customers in line for £30m refund as insurer reviews past pricing in regulatory first
Direct Line has agreed to a voluntary review of previous home and motor insurance pricing having charged some customers more for their renewal than they would have done if they were a new customer, the Financial Conduct Authority has confirmed.
Allianz commits to investing in local structure to support brokers
“The strength of the Allianz commercial business in the UK is without doubt our local, regional capability in those markets and the ability to deliver,” Allianz Holdings CEO Colm Holmes told Insurance Age.
EY pegs UK motor NCR at decade worst 109.5%
The UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year, according to EY’s latest UK Motor Insurance Results report.
Academy Insurance updates on sale after deal fell through
Personal lines specialist Academy Insurance Services’ shareholders are going through due diligence in a sale process, according to a filing at Companies House.
Oxbow Partners forecasts motor market COR of 106.1% in 2023 and 100% in 2024
Oxbow Partners has predicted a combined operating ratio for the UK personal lines motor market of 106.1% in 2023, improving to a break even point of 100% in 2024.
Motor premiums accelerate again with 21.1% annual increase
The average cost of car insurance soared by a record 21.1% in the year to February, taking annual bills to £929, according to Consumer Intelligence.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
Home insurance prices fall again to new record low
The average cost of home insurance dropped to £300 in 2022, the cheapest since the Association of British Insurers started collecting data in 2012.
Fitch warns of ‘dire’ profitability for insurers in ‘bleak’ picture
The outlook for UK home and motor insurers’ profitability “remains pretty dire for 2023”, according to Federico Faccio, senior director of EMEA insurance at Fitch Ratings.
Car premiums surge 19% in 2022
Comprehensive car insurance premiums increased sharply by 19% during the last 12 months, with UK motorists now paying £629 on average, according to the latest Car Insurance Price Index.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
Biggest annual rise in five years as car premiums jump 14%
Average comprehensive car insurance premiums reached £586 in the third quarter, up 14% since Q3 2021 and by 6% in the last three months alone, according to research by Confused and WTW.
Biba vows to fight for brokers in FCA meeting on fair value assessments
The British Insurance Brokers' Association has vowed to fight for brokers in a key meeting with the Financial Conduct Authority over fair value assessments.
FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.
Brokers given three months ‘forbearance’ as FCA hits out at insurer fair value delay failures
The Financial Conduct Authority has criticised insurers’ timings on product governance and fair value assessments ahead of the 30 September deadline for them to be in place as it gave brokers a three-month extension under specific circumstances.
Drop in insurance pricing complaints at FOS
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.
Analysis: The challenge to build back better – as trust in insurance drops
Consumer trust in insurance has fallen over the past 12 months, but experts can see a route to a brighter future. Emmanuel Kenning reports.
Car premiums up 7.8% since start of 2022
The cost of car insurance has risen 7.8% since the start of the year after new rules came in to tackle the practice of “price walking”, research by Consumer Intelligence has revealed.