UK Home Insurers ‘Systematically Scam’ Loyal Customers
Law360, London (April 10, 2019, 4:37 PM BST) -- Home insurance companies are hitting long-standing policyholders with almost double the cost of premiums that they charge to new customers, a consumer charity revealed Wednesday as it called on Britain’s financial regulator to find solutions to this “systematic scam.”
Citizens Advice, a nationwide network of legal centers, said that loyal customers who stick with their existing home insurance provider for six years are paying an average annual premium of £325 ($425), which is nearly double the £172 on average paid by new customers. The charity said its research, which looked at data from 2016, suggests that these insurers are making all...
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