Following the publication last year of the FCA’s guidance on renewal transparency, we will be updating our high net worth policy documentation. With effect from 1 April 2017, our renewal schedules will include the following information:
- The previous year’s annualised premium so that customers can easily compare the renewal terms against the previous year
- A statement reminding customers to review the quality and scope of cover to make sure it remains appropriate for their needs and that, if they so wish, they should compare the products and terms offered by alternative providers
- Renewal schedules for the forth and subsequent renewal periods will include the following statement: “You have been with us for a number of years. You may be able to get the insurance cover you want at a better price if you shop around.”
We have begun the process of updating our systems to reflect the changes outlined above in line with the deadlines set out by the FCA.
Should you have any questions about how Chubb is implementing the changes or the impact on your own operations, please contact Marcia White or call 020 7895 3214.