The Association of British Insurers (ABI) is looking forward to working with the Financial Conduct Authority (FCA) as the regulator carries out its thematic review of claims handling in personal insurance.
Speaking in response to FCA chief executive Martin Wheatley's announcement that such an investigation is imminent, the ABI explained it has been teaming up with the watchdog on the matter since last year.
Maggie Craig, director of financial conduct regulation at the ABI - which has over 300 member companies, making up 90 per cent of the insurance market in the UK - stated: "Claims service is the shop window by which the industry is often judged and insurers are continually looking at how they can provide the best possible service to customers."
Ms Craig explained insurance provides vital financial protection that millions of businesses and individuals rely on, adding insurers are keen to bring out simple products that include clear policy language and essentially do what they say on the tin.
Posted by Claire Robin