insurance

Insurers APR rates rival credit cards

18th March 2025 Consumer Lending | #insurance

New research by Which? has found that car and home insurers are charging annual percentage rates (APRs) equivalent to credit card lenders for customers who pay for cover monthly payments. The research found that the average annual percentage rate (APR) for car insurers charging monthly is 22.84%, while home insurers average 21.59%. The consumer group…

Government launches new crackdown on insurance fraud

28th October 2024 Consumer Lending | #insurance

The Government has launched a new Fraud Taskforce with insurance companies uniting to step up efforts to crack down on fraudsters seeking to manipulate the insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the ABI, a 16%…

Insurance customers more accepting of using credit

12th July 2023 Consumer Lending | #insurance

Insurance customers are becoming more accepting of using credit to buy cover as financial confidence grows and credit becomes more available, new research from the Premium Credit has indicated. Around a quarter (24%) of customers say that over the past year they have become happier about using credit to fund cover which is slightly higher…

Two out of five motor and home insurance customers are potentially vulnerable

1st February 2023 Consumer Collections | #customer vulnerability #insurance

Motor and home insurance customers are more likely to get the same or better prices at renewal highlighting the strong performance of insurers in delivering good outcomes, a new report from leading insurance market insight business Consumer Intelligence shows. The research of more than 25,000 home insurance and 25,000 motor insurance customers for the report…

One in seven cut back on insurance due to cost of living costs

19th January 2023 Arrears and Recoveries | #cost of living #insurance

As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…

FCA consults about protections for insurance customers in financial difficulty

12th January 2023 Arrears and Recoveries | #insurance

The Financial Conduct Authority (FCA) is proposing to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty. As part of the FCA’s ongoing work to help protect customers during the current cost of living squeeze, this will provide clarity to firms about how they should support all struggling customers, not…

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