Tip - Admiral - definitely don't just accept their renewal quote!

nobbysn*ts

InsideInsurance wrote: »

Since when were they ever any different to any other commercial organisation?

They are a regulated industry and so their practices are not the same as Arkwrights Corner Shop but their pricing has never been any more or less regulated than a corner shop

I don't think I could have put it better myself.

InsideInsurance

nobbysn*ts wrote: »

I don't think I could have put it better myself.

Then why try and make out that they are worse than any other industry?

They legally have to show they are solvent, that is the whole purpose of Solvency II, they have to show the ratio of premium based revenue -v- claims and expenses but ultimately have always been free to charge what they want as long as they maintain their solvency. Now that can be under charging some people and over charging others, it can be over charging everyone, it can be whatever, as long as they can demonstrate the ongoing sustainability of the business.

Obviously the corner shop is free to price itself as it wants without having to prove that they will remain solvent but both are equally free to set prices within those constraints.

nobbysn*ts

InsideInsurance wrote: »

Then why try and make out that they are worse than any other industry?

They legally have to show they are solvent, that is the whole purpose of Solvency II, they have to show the ratio of premium based revenue -v- claims and expenses but ultimately have always been free to charge what they want as long as they maintain their solvency. Now that can be under charging some people and over charging others, it can be over charging everyone, it can be whatever, as long as they can demonstrate the ongoing sustainability of the business.

Obviously the corner shop is free to price itself as it wants without having to prove that they will remain solvent but both are equally free to set prices within those constraints.

I wouldn't try to say they are worse than Arkwright's corner shop.

Parking_Trouble

When I go to my corner shop they don't insist I come back next week and debit my card if I don't.