News

FCA identifies ‘areas for improvement’ in insurers’ valuation of vehicles

By 2024-03-27T14:03:00

total loss road traffic accident

The findings of the regulator’s multi-firm review have identified some failings in motor total loss claims

The FCA has identified “areas for improvement” in insurers’ valuation of vehicles following total loss claims.

In the results of a multi-firm review into the claims handling processes of insurers following stolen or written-off vehicle claims, the regulator noted that “some firms” reported average settlement values that were lower than available guide prices.

Read more…

Explore more regulation-related content here or discover other news stories here

You need to register to continue reading the rest of this article and more for free.
(If you’re already registered, please sign in here.)

REGISTER NOW FOR FREE

We’re glad you’ve chosen Insurance Times as your source for industry news and hope you’ve been enjoying reading articles from our award-winning team of journalists.

Gain access to more of our exclusive, breaking stories, interviews and news analysis as it happens. Registering is quick, easy, free, and will also have the additional benefits:

  • Uncover Secrets: Dive deep with exclusive annual reports, fueled by expert insights.
  • News That Matters: Award-winning coverage & analysis, delivered to your inbox.
  • Stay Ahead, Your Way: Daily or weekly - choose your news rhythm.
  • Own Your Learning: Curate your knowledge with a personalized library.

Register for FREE now and Keep Reading

Stay on top of the insurance game with our subscription! Get unlimited access to over 80,000 articles, in-depth analysis, exclusive reports by industry experts, and our Five-Star rating system to compare companies and find the best fit for your business needs - view subscription options.