Association of British Insurers Issues Statement on FCA Market Study into Pricing of Motor Insurance

LONDON, England, Oct. 4 -- The Association of British Insurers issued the following statement by Director General Huw Evans commenting on the publication by the Financial Conduct Authority on its interim report of its market study into the pricing of home and motor insurance:

"We welcome today's report from the FCA, and the industry will continue to work constructively with the regulator to ensure that the market works better for customers.

"It is important that any unintended consequences are carefully considered to ensure that a fair and balanced approach is achieved for all customers.

"Millions of insurance customers get extremely good deals by shopping around regularly, but we agree that the household and motor insurance markets could work better for consumers who do not shop around at renewal.

"This is not an issue unique to insurance, but we are the only sector to have taken voluntary steps to address the issue and these are bearing fruit already."