The Chartered Insurance Institute

21 Lombard Street London EC3V 9AH
+44 (0)20 8989 8464
https://www.cii.co.uk/
  • About CII

    The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.

     

    Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).

    Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.

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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