In May 2021 the FCA published its paper on pricing rules in the General Insurance Market following several years’ of work from the regulator to address the harms suffered by loyal customers of home and motor insurance providers.
The biggest change that the FCA has introduced is that insurance providers will no longer be able to slash premiums in order to attract new customers, only to then penalise them in subsequent years with highly inflated prices which bear little resemblance to the actual cost of providing the policy. This is something that we're certain many of you have come across in recent years. This unfair profiteering has become known as ‘Price Walking’ and it will be banned from the start of 2022 which is great news for consumers.
The strategy of 'price walking' has been under pressure for some time now given the nature of a very competitive market. This new ruling should ensure that insurers practices and offerings remain consistent and that they act with transparency so that the customer is always treated fairly.
ASure Financial are able to offer our customers a fully advised home insurance service. We can assist you finding the right cover from our panel of leading 5* Defacto rated providers and at an affordable monthly premium ensuring that you know what is covered and your largest asset is fully protected against those unexpected events and accidents.
Contact ASure Financial today to discuss your home insurance needs.