X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A row of multi-colored terrace houses in Chelsea, London, U.K. (Photo: iStock) A row of multi-colored terrace houses in Chelsea, London, U.K. (Photo: iStock)

The U.K.’s Financial Conduct Authority (FCA) recently announced a proposal to change how insurance companies price home and car coverage. The restructure will reportedly save consumers 3.7 billion pounds ($4.7 billion) over 10 years by preventing insurers from charging renewing clients more than new ones, the regulator said in a statement.

“We are consulting on a radical package that would ensure firms cannot charge renewing customers more than new customers in the future and put an end to the very high prices paid by some long-standing customers. The package would also ensure that firms focus on providing fair value to all their customers. We welcome feedback on the proposals,” Christopher Woolard, interim chief executive of the FCA, said in a release.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.