The UK’s Competition and Markets Authority is reportedly looking to overhaul the car insurance industry to lower prices after an investigation found unnecessary costs for customers.
According to reports, the CMA suggested placing a cap on replacement car charges sent to the insurer for the driver at fault of an accident; these costs, the regulator said, lead to between $120 million and $300 million a year in charges for customers.
The CMA also suggested a ban on “price parity,” which allows insurers to strike agreements with websites to not offer lower prices elsewhere, according to reports.
The CMA’s recommendations follow preliminary findings published last December by the former Competition Commission; the Commission found evidence that car insurance in the UK was too expensive due to complex claims processes, among other factors.
Full content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC to Approve Exxon’s $64 Billion Deal with Pioneer Resources, Excludes
May 1, 2024 by
CPI
UK Competition Watchdog Raises Alarm Over Nvidia’s ARM Takeover
May 1, 2024 by
CPI
Sen. Klobuchar Urges Regulators to Probe Collusion in Health Care Pricing
May 1, 2024 by
CPI
Multiple States Join Tennessee’s Antitrust Lawsuit Against NCAA Over NIL Rules
May 1, 2024 by
CPI
NY AG Joins Suit Challenging NCAA’s Restrictions on Student Athlete NIL Rights
May 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI