There was praise for the bulk of insurance firms – with one notable exception – in a statement released by the Competition and Markets Authority (CMA) today.
The regulator highlighted that around 1,000 private motor insurance providers are now offering better information on no-claims bonus protection to drivers after it issued an order one month ago. The order obliges all providers – brokers and insurers – to present existing and prospective customers with information on the costs and benefits of no-claims bonus protection: including what happens if claims are made.
In its statement it reminds firms that the order is now a legal requirement noting that nine of the 10 largest insurers have complied – as have the five largest brokers. However, it names and shames Co-Op Insurance as the largest insurer yet to do so.
In its statement it comments: “Co-op Insurance, has informed the CMA that for a small proportion of its new business and renewals it can only at present disclose some of the information required by the Order. However it is working towards compliance, and in the meantime will be making it clear to affected customers that it is currently unable to show separately the cost of NCB protection included in the total premium in written offers and documents.”
The CMA goes on to note that while it is pleased most providers have responded in time it is “disappointed that a large company like Co-Op has been unable to do so”.
“We expect Co-op and any other smaller companies in the same position to work towards providing this information to customers without any further delay,” it states.
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