Uswitch welcomes FCA proposal to require insurance firms to publish details of last year’s premium
Commenting on the FCA’s proposed measures to require general insurance providers to publish details of last year’s premium on renewal notices, Rod Jones, insurance expert at Uswitch.com, says: “People are unlikely to remember what they paid for their insurance a year ago, so it’s very hard for them to know if they are getting a good deal or not. Not having all the information to hand is often a major factor holding back switching to better deals and therefore reducing competition.
“Everyone should be protected against unknown premium increases and could benefit from more transparency. Seeing the costs in black and white could help people assess their options and see whether they could be better off by shopping around.
“The reality is that there are rarely any prizes for loyalty. Customers who take the time to switch insurance provider at the end of their policy are usually quids in, but it’s a very different story for those who end up penalised for their inertia.
“In car insurance, we’ve seen companies including AXA lead the way on transparency by already providing this renewal information, but we want to see all providers follow suit. We welcome the FCA’s proposals which could ensure all drivers get more transparency around their renewal price.”
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Katherine Moss
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Email: katherine.moss@uswitch.com
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