Insurers agree to stop sharing prices

first_img Tags: NULL Thursday 13 January 2011 8:14 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndo Insurers agree to stop sharing prices SEVEN insurance groups including Aviva and Axa Insurance UK agreed to stop sharing motor policy pricing data using an Experian tool after the UK regulator said it could limit competition. The tool, Whatif? Private Motor, allowed insurers to access the pricing information supplied by competitors to brokers, the Office of Fair Trading (OFT) said in a statement yesterday.“Being able to view competitors’ pricing strategies could potentially have led to the risk of price co-ordination, putting upward pressure on premiums,” said an OFT spokesman.The insurance groups said they would address the OFT’s concerns by ensuring pricing information was anonymous, aggregated across at least five insurers and already “live” in broker sold policies.OFT executive director Clive Maxwell said the commitments were a proportionate response to its concerns.”We used our discretion to limit our investigation’s scope in order to reach a quick and effective outcome,” Maxwell said.“However, we are aware that similar market analysis tools exist both in motor and other insurance markets and we urge companies using them to ensure that they are complying with competition law.”Insurers Ageas Insurance, Liverpool Victoria Friendly Society, RBS Insurance Group , Royal Sun Alliance and Zurich Insurance also committed to the proposals, as did IT software and service providers Experian and SSP. The OFT is now likely to move the focus of its investigations to other forms of insurance, such as home and contents cover, which also use price comparison tools. Sharecenter_img whatsapp KCS-content Show Comments ▼ More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little whatsapplast_img read more