Association of British Insurers
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- May.09.2018: We will stop punishing loyalty, vow insurers. Insurers have promised to stop ripping off loyal customers by massively increasing the cost of cover when they renew. In an unprecedented step, the industry admitted yesterday that it had been “unfairly penalising long-standing customers” by charging them much more than new customers. The Association of British Insurers (ABI) and the British Insurance Brokers' Association (BIBA) came together to make a series of commitments to end the practice. The two trade bodies said that a new ethos and approach would be written into companies’ procedures for calculating premiums at renewal. They also committed to reviewing the prices paid by customers who had been with them longer than five years. A report by Citizens Advice this year found that customers who stayed loyal to their essential service providers could be paying almost £1,000 more a year than necessary. GoCompare.com Group plc. Andrew Ellson, The Times.
