The Financial Conduct Authority’s (FCA) recent actions regarding pricing in the home and motor insurance industry have caused significant disruption, forcing companies to adjust their pricing strategies for new and existing customers and putting an end to the practice of charging loyal customers higher prices. Media attention has been…

 Key Findings from Recent Pricing Shakeup It has been nearly two months since the major pricing changes in the insurance industry, and the initial data is now available. Here are the key takeaways: Record Price Rises New business prices have surged in January, as anticipated due to the ban…

 The FCA expects £4 billion of insurance savings for consumers over the course of 10 years as the result of its General Insurance Pricing Practices (GIPP) rules, the pricing part of which came into force at the beginning of the year. Changes and savings of such magnitude will create…

  Government Scheme for Ukrainian Refugees in the UK When the government scheme launched in mid-March, nearly 90,000 people in the UK had offered homes to Ukrainian refugees within the first few hours. Legalities and Insurance Considerations  But how many of those have considered the legalities of opening…

 Market Response to GIPP  As a period of significant change, the era of GIPP presents a unique opportunity for innovation. However, the most notable innovations we have observed so far have been related to tactical pricing and product packaging by major corporate entities.  In the lead up…

Home Insurance Premiums Surge The recent increase in home insurance premiums reflects a significant change due to the new pricing practice implemented by the FCA. Home Insurance Price Trends Following a sudden spike in home insurance costs at the beginning of the year, recent analysis from Consumer Intelligence suggests that…

Cost of Living Crisis Impacting Households  The cost of living crisis has been making headlines for months. In April, a 54% increase in the energy price cap affected 22 million homes, resulting in an estimated £700 yearly rise in the average bill. Food prices and fuel costs are also…

Consumer Intelligence Home Insurance Price Trends The average cost of a new home insurance policy has decreased by 5.6% in the last three months. This drop in prices is attributed to smaller new business volumes, which have increased competition in the market. Cost-of-Living Relief Households are experiencing some relief in…

As home insurance brands adjust their pricing strategies following the FCA’s pricing reforms that prohibited price walking, changes in market share are becoming evident. Some newer brands in the market are experiencing growth, while established brands are focusing on customer retention. Our Insurance Behaviour Tracker monitors the renewal journeys of…

Car Insurance Payment Options If you choose to pay for your car insurance in monthly instalments, you will end up spending nearly £100 more each year for this convenience. This method of payment is more common among individuals from lower-income households, who are also less likely to compare prices each…