Tackling the loyalty penalty: the FCA’s General Insurance Market Study
Dominic Lindley covers how old pricing practices for general insurance are being levelled to reward customer loyalty. The writer’s views are his own.
“Elsie Briggs, 92, was paying £1,280 a year for buildings and contents insurance with the Co-op, a company to whom she had been loyal for 24 years. Her stepson Michael, 72, who started looking after her finances when she went into a care home last December, found she could have the same level of cover with John Lewis — for less than a tenth of the price. She is now paying just £118 a year.” – Sunday Times, May 14th 2017.
Elsie was not alone.