Executive summary :
On 1 May the UK regulator, the FCA, announced that it expects insurers to “consider whether and how coronavirus may have materially affected the value of their insurance products”. It cites public liability insurance for hairdressers, bars and restaurants where the “insured events can no longer happen for any holders of the policy”.
As our market intelligence team has been reporting, US insurers have started rebating premiums to customers due to the reduction in car usage. In the UK, leading motor insurer Admiral became the first to follow suit by providing all customers a flat £25 rebate and LV has a more limited scheme.
However, premium rebates are a clunky and retrospective tool. In this blog post we consider how insurance propositions could evolve to meet post-Covid customer needs. We identify three criteria they will need to meet: suitability, transparency and certainty.
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