The guidelines say: “It might be that the risk profile of some customers has changed because of coronavirus.
“For example, some motor insurance customers might not be using their vehicle at all or might no longer be using it for business purposes, and customers could potentially be offered materially lower premiums.”
The FCA also says companies should consider whether moving a customer to another policy would better meet their needs and help them save.
They say customer’s needs could have changed under the lockdown and means they could be moved from fully comprehensive cover to third party, fire and theft.
Published at Fri, 15 May 2020 07:45:00 +0000