Insurance market not working well for its customers


This 596-word blog post looks at the findings of the Financial Conduct Authority’s interim report of its market study into the home and motor insurance market. Written on 6th October 2019.

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Article preview: Have you fallen victim to the so-called ‘loyalty premium’ in the insurance market? It appears that loyal insurance customers are regularly ripped off for their failure to shop around at renewal time each year. In the latest interim report of its market study, the Financial Conduct Authority (FCA) looked at pricing practices for home and motor insurance. It found that competition is not working well in these insurance markets, setting our concerns about how pricing results in consumers who fail to switch insurer or negotiate with their provider paying high prices.