In its new report into the Pet Insurance Market [1], Defaqto raises the concern that the rate of provider churn could have a detrimental effect on the market unless adequate arrangements are put in place to protect existing policyholders.
Defaqto has identified six companies that have left the market in the last year and nine that have joined, a churn rate of 20%. Unless those pulling out of the market have put in place adequate transition arrangements to ensure that their customers’ pets can remain on cover without having to be re-insured, public confidence in the market could be weakened.
Underlying the churn rate is the fact that the market remains relatively small in absolute terms with premium Income totalling around £400 million per year. (more…)
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While a bank was the cheapest mortgage lender in 2007 for existing borrowers in Defaqto’s annual survey, building societies took two of the top five places and five of the top ten.In its survey, Defaqto found that for standard variable rate mortgages or their equivalent for existing borrowers, HSBC retained its top spot as the cheapest mortgage, closely followed by two building societies, Skipton Building Society and then Nationwide.The research was based on the amount of gross interest payable on a £50,000 interest-only mortgage provided by top lenders in 2006, as defined by the Council of Mortgage Lenders. In order to provide a level playing field for comparisons, specialist providers were not included, neither are any privilege or loyalty rates.
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