Regulatory Pressures Weigh On Motor Insurance Pricing
Law360, London (July 21, 2021, 11:50 AM BST) -- Insurers face competing regulatory pressure on motor insurance pricing that promises to create one of the most turbulent periods the sector has experienced, Willis Towers Watson warned on Wednesday.
The broker said that insurance companies are under pressure from the government to slash the price of premiums after reforms to personal injury compensation, designed to cut the cost of motor cover for policyholders, came into effect this year.
And, at the same time, insurers could be forced to hike the cost of cover as the result of a ban on loss-leading pricing practices imposed by the Financial Conduct Authority from next year....
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