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