Biba and ABI team up to tackle dual pricing in personal lines
Trade bodies state that members will give board and senior management level priority to better outcomes for long-standing customers.
The Association of British Insurers (ABI) and British Insurance Brokers’ Association (Biba) have unveiled a set of Guiding Principles and Action Points to tackle market issues that lead to excessive differences between new customer and renewal premiums.
According to the trade bodies they are targeting outcomes that unfairly penalise long-standing customers.
The principles and action points apply to personal lines insurance products such as home, motor and travel, but not pet or health
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