Interesting reading from the CBI on consumer behaviours in two key consumer insurance markets - motor and home. The letter emphasises the importance of digital literacy in ensuring consumers are fully informed when deciding whether to renew with their existing insurer or switch provider.
Also, like the EIOPA update on dark patterns in insurance (Dark patterns in insurance: practices that exploit consumer biases), it illustrates the increasing regulatory awareness of the importance of consumer psychology and behavioural economics in designing effective consumer protections.
Engagement, switching and digital usage in consumer insurance markets: who does it and why it matters (Economic Letter: Vol 2022, No. 8)
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.