The general insurance industry is hugely important to the UK economy. The sector has been getting a lot of media scrutiny of late, in particular around some of the issues as a result of COVID-19 for example travel insurance and business interruption policies. Customers will want to know that they can trust their insurance provider, that they are receiving a fair price and they are not being penalised for their loyalty.
Firms are also awaiting the FCA's pricing market study report - due by the end of this year or start of 2021, - it is of no surprise that this topic is high on the agenda for firms given the regulators' increased focus in this area.
John Withington, former Senior Ombudsman and associate of Huntswood joins Nikki Ceko, Huntswood’s General Insurance Account Director and Paul Dyer, Huntswood's Head of Regulatory Risk and Assurance, to discuss the anticipated FCA market study. Discussion centres around the possibility there may be certain elements that firms will be reluctant to change because of a direct financial impact on the business or an impact on their competitiveness. Are firms waiting for the FCA to instruct the industry to move as a whole or should individual firms be proactive, if so, what should they be doing right now?
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