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Households receiving insurance renewal notices will be told how much they paid the previous year to compare prices, under new proposals.
A trial by the Financial Conduct Authority (FCA), found that including the previous year's premium on renewal notices prompted people to shop around. The City watchdog said there were concerns that loyal customers were paying higher prices for insurance. An insurers' trade body said it would welcome such a rule across the board.
Shopping around
The proposal is designed to assist those who have stayed with the same insurer for a long period of time and are unaware of the possibility of cheaper prices elsewhere. A trial last year found that including the previous year's premium in a renewal notice prompted between 11% and 18% of those on the trial to switch provider or negotiate a cheaper premium.....Read more here
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