9th October 2019

ABI responds to FCA interim personal lines pricing report

Commenting on the publication by the Financial Conduct Authority(FCA) on its interim report of its market study into the pricing of home and motor insurance, ABI director general, Huw Evans, commented "We welcome the report from the FCA, and the industry will continue to work constructively with the regulator to ensure that the market works better for customers. It is important that any unintended consequences are carefully considered to ensure that a fair and balanced approach is achieved for all customers.
Millions of insurance customers get extremely good deals by shopping around regularly, but we agree that the household and motor insurance markets could work better for consumers who do not shop around at renewal. This is not an issue unique to insurance, but we are the only sector to have taken voluntary steps to address the issue and these are bearing fruit already.”

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