| Link(s): | Roadmap for retail insurance – empowering consumers and strengthening markets | FCA Retail insurance: what we looked at and why |
Context
The FCA has published a summary web page outlining the headlines from four separate reviews relating to general insurance. The page includes a headline infographic (also published separately) outlining what the FCA has looked at. This gives a reason ‘why’ the FCA has done this work, with the reason being “to help consumers navigate their financial lives and support growth – by making sure claims are handled promptly and fairly and pushing for a coordinated effort to tackle the root causes of rising motor premiums”.
Key points to note and next actions
- The package of reports focuses on how the retail insurance market is working, and sets out actions for the FCA and others to address specific issues.
- The four reviews are covered separately in the articles below, and relate to:
- an analysis of the drivers behind increases in motor insurance premiums, particularly focusing on claims;
- a review of claims handling in home and travel insurance;
- an update paper from the market study on premium finance (MS24.1) in home and motor insurance; and
- an evaluation of pricing reforms in the motor and home insurance markets
- The page provides a useful overview of the findings in the individual reviews, and outlines what the FCA sees as next steps for the FCA and the insurance industry.