Almost 80% (78%) of insurance customers agreed that preventing providers charging a higher price for renewals than new business was a “good idea”, according to a survey by Consumer Intelligence.
Fifty percent of respondents branded the practice of dual pricing as “exploitative”.
The research followed the launch of the Financial Conduct Authority’s investigation into pricing in the home and motor market.
However, some respondents could see value in dual pricing with 39% agreeing that
- Markerstudy buys Co-op underwriting in £185m deal
- Markerstudy to use Co-op’s brand after deal
- Aston Lark buys Irish broker Robertson Low
- Mark Cliff joins Be Wiser as NED
- Ageas consults on closure of Stoke and Port Solent operations
- Axa UK hires Shali Vasudeva as COO from Hiscox
- InsurTech Futures: Zurich partners with travel start-up Pluto