Concerns are mounting over the significant increase in car and home insurance premiums, with reports indicating a surge of more than 40% in costs. This has prompted calls for the Competition Commission to investigate the insurance industry. Robert Syms highlighted the issue by sharing his personal experience of a dramatic insurance quote increase from just under 1k to 2.4K for the next year, despite a year of low inflation. Additionally, Martin Lewis has advised 1,080,000 drivers to take action in response to the rising premiums. The uniform message from various sources suggests a growing demand for regulatory scrutiny over the insurance market's pricing practices.
Competition chiefs urged to probe car and home insurance firms as premiums soar by more than 40%
Competition chiefs urged to probe car and home insurance firms as premiums soar 40%
Competition chiefs are being urged to probe the car and home insurance market as premiums soar by more than 40 per cent https://t.co/RSDZAZoqzd
Martin Lewis warns 1,080,000 drivers to 'consider' taking action 'now' https://t.co/hKkadhcL0R
I pay Aviva just under 1k for comprehensive car insurance have just been quoted 2.4K for next year -have had some constituents complain ! In a year of low inflation how can this be justified ? Is it time for Competition commission to look at Insurance companies !