Trust in insurance sector plummets after BI case
The Financial Conduct Authority test case has seen a third of sector professionals believe faith in insurance has been “greatly reduced”.
Two-thirds of insurance professionals feel the FCA’s business interruption case has reduced trust in the sector, according to a Chartered Insurance Institute poll.
A social media survey of 142 of the professional body’s members in September showed 29 percent feel the FCA case resulted in the public’s trust in insurance being greatly reduced and 39 percent thought it somewhat reduced the faith consumers have in policies paying out when needed.
Transparency
Keith Richards, chief membership
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