ABI and BIBA launch principles for premiums

ABI and BIBA have published a set of guiding principles and action points that insurers and brokers should follow, which the associations intend will address some of the issues that currently lead to excessive differences between new and renewal premiums.

The principles apply to home, motor and travel insurance, but exclude policies such as pet and health insurance on the basis that comparisons for these policies are not valid as they will often cover conditions that have arisen since policy inception.