You are here: Home - Insurance - News -

Aviva sent insurance renewal notices which failed to meet standards

Written by: Paloma Kubiak
Aviva home and motor insurance customers are to receive amended renewal notices after a review found they didn’t meet rules on transparent pricing as set out by the financial regulator.

As of 1 April 2017, general insurers must clearly display last year’s premium in renewal notices as well as the proposed premium for the year ahead.

This is so customers can see exactly what they paid and encourages them to shop around for the best insurance cover and price.

But a sample review by regulator, the Financial Conduct Authority, to see how firms were implementing the new rule revealed that Aviva’s notices weren’t up to scratch.

Aviva failed to prominently display last year’s premium and its messaging encouraging customers to shop around should have been clearer.

As a result, the insurer is writing to affected customers to provide them with the information in the correct format. However, it is not disclosing how many customers have been affected.

While premiums provided were correct, if customers feel their decision to renew would have been different based on receiving the full information, Aviva said they should contact it to discuss the matter.

A spokesperson added: “Following a review, we are aware that we have not interpreted all the renewal transparency rules in the way they were intended for some customers. We have amended our processes to ensure they meet the requirements going forward.

“Although premiums provided to customers were correct, we are contacting any customers who may have been impacted to apologise and provide the required information again in the correct format. We are committed to transparency around our pricing and giving our customers clear information, so they can make the right choice for their insurance cover.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Shoppers rein in spending as October retail sales disappoint

In the month to October 2018, retail sales declined by 0.5% as shoppers cut back on spending following a bumper...