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Jake Harrison Woods
Jake is a Consultant at Oxbow Partners.Contact Jake
April 19, 2021 Jake Harrison Woods
Earlier this year Oxbow Partners and Swiss Re Solutions teamed up to offer some much-needed clarity on the market’s reaction to the pricing practices remedies proposed by the FCA for General Insurance.
Firstly, we would like to thank all those who responded to the survey, which saw input from top insurers, price comparison websites and brokers alike. Moreover, through survey responses we have raised considerable funds towards children’s mental health charity Place2Be.
As our headline takeaway would suggest, the most striking revelation is that almost two thirds of market players (60%) believe the extended 7-month timeline for implementation proposed by the FCA is still too short and 9-12 months is a far more realistic estimate. Other key findings include:
Other key findings include:
These results offer some serious food for thought and with the FCA deadline fast approaching this is certainly not the time for insurers to rest on their laurels. With a final policy statement from the FCA expected in May this is likely to jolt many GI insurers into ramping up their ongoing implementation efforts.
For a full copy of the results report and the chance to chat around implications please contact our Market Intelligence team.
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Summary A Policy Statement on the new rules has been released this