FCA urges improvements after uncovering “concerning evidence” of poor claims handling
The Financial Conduct Authority has urged insurers for improvements in claims handling whilst acknowledging rising motor premiums are mostly driven by external cost pressures.
Claims handlingLack of oversight of outsourced services, resulting in poor customer outcomes, delays in settling claims and high complaint volumesInsufficient management information resulting in failures to promptly identify and resolve claims handling issues and delaysHigh rejection rates for storm damage claims (only 32% of storm damage claims made to a sample of firms in 2024 resulted in a payment)Cash settlements being used without sufficient consideration of whether they are most suitable.T
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