Latest Insurance
- RSA hosts London Market Broker Roundtable-changing needs of customers highlighted
- Lockton report highlights that UK companies are underestimating the impact of a data breach
- Standard & Poor's warns on some potential reinsurer exposures in 2017
- Standard Life and Aberdeen Asset Management merger completed
- Prudential sells US broker-dealer network
- Admiral turnover and customer numbers up in first half-"marginal increase in profitability and more material increase in underlying dividend" says CEO Stevens
- Talanx net income up 14.9% in "pleasing" first half expired
- Bongi appointed EVP of Professional Lines at Brit Global Specialty USA(BGSU) expired
- Charles Taylor TPA appoints Director of Strategy and Performance expired
- Davies Group acquires Claims Management Services(CMSL) expired
- Fidelis appoints CRO Mathias to Board expired
- Schinnerer Group to acquire ICAT expired
18th June 2017
Admiral agrees to contact customers who may have been given inaccurate information in renewal documents after FCA check
Admiral has agreed to contact customers who may have been given inaccurate information in renewal documents. New rules introduced by the Financial Conduct Authority(FCA) in April require firms to clearly show the insurance premium a customer paid last year alongside their proposed renewal premium.
The FCA has found that Admiral included inaccurate premium amounts in renewal documents issued to some customers by publishing last year’s quoted premium, before discounts were applied, rather than what the customer actually paid. Admiral will now make changes to ensure it is fully compliant with FCA rules.
Admiral has agreed with the FCA to contact affected customers who renewed their policies after 1st April, who may have received inaccurate information. If affected customers choose to go to another insurer, they will be able to cancel without penalty and will have their premium refunded.
The FCA is currently assessing firms’ implementation of these rules to ensure that firms are giving customers clear and fair disclosure on their renewal prices. The FCA has seen good practice but some concerning examples and will continue to address specific concerns with individual firms.
Jonathan Davidson, executive director of Supervision- Retail and Authorisations, comments “It is vital that insurers give customers the right information so they can easily compare premiums and make a choice whether to shop around.
When introducing these measures, the FCA was clear that firms should be ready from April 2017. We will continue to keep a close eye on the industry’s response to ensure firms are complying with the new rules and will take action where necessary.”
Admiral Trends(126 articles)
FCA Trends(123 articles)
