FCA Spotlight On Insurance Pricing 'Weighs Down Outlook'
Law360, London (April 7, 2021, 12:12 PM BST) -- The Financial Conduct Authority's spotlight on pricing practices is weighing down the outlook of the general insurance sector alongside factors such as economic uncertainty, a credit ratings agency has warned.
AM Best warned in a report on Tuesday of the potential impact of the regulator's new reforms that will ban "loyalty penalty" pricing, in which new customers are charged less than existing or loyal policyholders, when they are introduced in 2022.
Businesses will be obliged to adopt the market fix by January next year, when existing home or motor insurance policyholders can expect to pay the same price as new customers....
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