Insurance news in 2023
7 stories, newest first.
- December 2023
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
- November 2023
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
- August 2023
Which? reports on FCA findings that millions cancelled insurance policies during the cost of living crisis
Which? has reported FCA survey findings that 3.6 million people cancelled, reduced or switched an insurance policy in the six months to January 2023 to cut costs.
PSR to consult on claim excess and reimbursement cap
The Payment Systems Regulator will consult in August 2023 on the claim excess banks may charge fraud victims, the maximum reimbursement cap and guidance on the gross negligence test.
- July 2023
FCA guidance on insurance customers in financial difficulty comes into force
The Financial Conduct Authority's guidance on how insurers should treat customers in financial difficulty took effect on 31 July 2023, sitting alongside the Consumer Duty.
- April 2023
Beagle Street publishes The Mortgage Cover Gap Report
Beagle Street's Mortgage Cover Gap Report estimates £433bn of mortgage debt across Great Britain has no life insurance behind it, based on the most conservative assumption that 26% of mortgage households hold no policy.
Fair By Design and SMF launch report on insurance poverty premiums
Fair By Design and the Social Market Foundation have published research finding that paying monthly for car insurance costs more than paying annually, with some people giving up cover as a result.