Tight control of British insurers
2022.12.02 05:53
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Tight control of British insurers
Budrigannews.com – On Friday, the British credit service warned reserve plans about underestimating cars and other things when providing customers with a damage guarantee and said it had taken unspecified measures against firms that violate its guidelines.
According to the Financial Supervision Authority, there is evidence that owners of cars written off as a result of an accident receive payments less than the fair market value of the car.
The FCA prohibits selling at prices below the fair market price. According to the FAS, insurers are increasing pressure to control the costs of claims and offers of cash payments and not paying for vehicle repairs due to rising business costs.
Sheldon Mills, executive director of the Federal Antimonopoly Service for Consumer and Competitive Issues, said that insurance companies should offer fair price calculations in the market.
“This is especially important now, because people who cannot cope with the cost of living suffer a lot in those cases when they cannot afford it.” Separately, the insurance company is facing an increase in the number of car insurance fraud. Last year, the Aviva LON insurance company reported that, compared with last year, the number of such violations increased by 16 until the end of October this year.
According to Aviva, the applicants provided false information about the age, the validity period of the license, the number of fines for the license and the type of classes, Aviva reports. In it, motorists were advised not to lie about their insurance, trying to save on insurance in crisis situations.
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