Insurance news: page 2
- 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.
- September 2022
FCA publishes Dear CEO letter on cost-of-living expectations for insurance firms
The Financial Conduct Authority has written to insurance chief executives setting out what it expects on fair value, premium finance, vulnerable customers and claims handling during the cost of living crisis, and warned of multi-firm reviews.
- July 2022
Record heatwave drove surge in subsidence and fire claims
The record July 2022 heatwave, when temperatures passed 40°C, drove 18,000 subsidence claims in the second half of 2022 and a 500% rise in garden fire claims for one insurer.
- June 2022
RBS car insurance renewals end as U K Insurance Limited stops offering renewal
Royal Bank of Scotland car insurance policies will not be renewed from 24 June 2022 after underwriter U K Insurance Limited said it could not offer renewals, with RBS ending its involvement.
- April 2022
Motor Vehicles (Compulsory Insurance) Act 2022 passed
The Motor Vehicles (Compulsory Insurance) Act 2022 received Royal Assent on 28 April 2022, narrowing the scope of retained EU motor insurance law in Great Britain from 28 June 2022.
- February 2022
Storms Dudley, Eunice and Franklin hit the UK, with insurers expected to pay out hundreds of millions of pounds
Storms Dudley, Eunice and Franklin brought record winds to the UK, with insurers expected to pay out hundreds of millions of pounds and the Association of British Insurers saying it is too early to estimate the cost.
- January 2022
AXA UK simplifies pricing so renewal quotes match new quotes
AXA UK has simplified its pricing so that new quotes and renewal quotes for car and home cover are the same, based on individual circumstances, from 1 January 2022.
FCA bans car and home insurance loyalty penalty
The Financial Conduct Authority's ban on the car and home insurance loyalty penalty took effect on 1 January 2022, ending price walking and changing how renewals are priced.
FCA General Insurance Pricing Rules come into force
The Financial Conduct Authority's general insurance pricing rules took effect on 1 January 2022, requiring insurers to charge new and existing home and motor customers the same price.
ICOBS 6A.6 rules on cancellation of automatic renewal took effect
Rules requiring general insurers to let consumers cancel the automatic renewal feature of their policies by the same methods used to buy them, free of charge, took effect on 1 January 2022.