The Financial Conduct Authority has estimated 270,000 motorists will get £200m in compensation for historic insurance claims that were underpaid.
The watchdog calculated that of this £129m has already been paid to almost 150,000 customers after it took aim at insurers breaching rules on handling claims fairly.
The issues surrounded customers being “short-changed” on stolen or written off vehicle claims.
In December 2022, the FCA warned insurers not to undervalue cars and other insured items when settling insurance claims and set out its expectations for firms when handling claims.
Review
The regulator followed this up with a multi-firm review
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
