General Insurance Pricing Practices
We want to ensure you are aware of our response to the Financial Conduct Authority (FCA) General Insurance Pricing Practices Market Study. The pricing remedy changes come into effect on 1st January 2022.
The pricing rules apply to any home or motor insurance policy sold to a consumer. This includes the Household insurance we sell directly to policyholders.
One of the key points of the changes is that insurers will be expected to offer an Equivalent New Business Price (ENBP) on cases at renewal. The purpose of this is to avoid dual pricing whereby some insurers are more competitive on new business than renewals.
The requirement is that the renewal quote offered to the customer is no higher than the ENBP that would be offered to that customer.
At the Methodist Insurance Company we are committed to consistent and sustainable pricing and we will ensure we comply with these new rules.
If you have any queries regarding our strategy please contact our team.