CII responds to the Citizens Advice super complaint on insurance

CII-responds-to-Citizens-Advice-super-complaint-on-insurance

CII responds to the Citizens Advice super complaint on insurance

Lawrence Finkle, Public Affairs Executive at the Chartered Insurance Institute, comments:

“We recognise the significance of the super complaint made by Citizens Advice to the Competitions and Markets Authority, which includes home insurance as one of five ‘key markets’ where disengaged customers are charged with excessive prices. 

“The Chartered Insurance Institute’s own Public Trust Index published this July identified rewarding loyalty as the key opportunity for the insurance profession to build public trust - and where our research found there to be the biggest gap between consumers’ expectations and insurer performance.

“Although the growth of price comparison websites have helped those consumers able to shop around, clearly it is ‘dual pricing’ - or charging excessive differences between new customer premium prices and those at renewal for long standing customers - which has been most corrosive of trust in our profession.

“Earlier this year the insurance profession set out a framework on maintaining fairness between new and existing customers when setting renewal premiums. We have called on all insurers to implement these principles fully and wholeheartedly, and look forward to responding to this market study in more detail.”

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