OFT competition decision on motor market divides opinion

thumbs

The news that the Office of Fair Trading (OFT) is considering referring the private motor insurance market to the Competition Commission has been met with a range of different reactions.

The Association of British Insurers (ABI) welcomed the news on behalf of insurers, with director of general insurance Nick Starling commenting: “We had called for this. For too long insurers have faced inflated rates for credit hire cars and excessive hire periods which have led to higher insurance premiums for customers.

“Regulation of all players in the market to tackle excessive costs is needed, and we hope that the work by the Competition Commission will bring much needed reforms that in

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

Meet the MGA feature: Arc Legal 

Arc Legal CEO Lee Taylor outlines the value in having a supportive parent of the scale of AmTrust; and why it makes sense to keep an eye on legislation and social changes in order to innovate and develop new products.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: