Broker Expects Premium Volatility After 'Price-Walking' Ban

By Najiyya Budaly (January 6, 2022, 2:31 PM GMT) -- Motor and home insurance premium prices face "increased volatility" if insurers react badly to new rules introduced by the Financial Conduct Authority to ban unfair pricing practices that penalize existing policyholders, broker Willis Towers Watson said Thursday.

Willis Towers said it expects that the next three months will be turbulent for insurance premium prices after the City watchdog banned insurers on Saturday from quoting existing customers a higher price to renew their home and motor insurance than they offer new consumers.

The FCA has said that so-called price-walking distorts the way that the insurance market works by allowing insurers to offer...

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