Consumers look set for better deal on insurance

Earlier this year, when the All Party Group on Insurance & Financial Services met the Law Commission and the ABI, the insurers' trade body expressed some serious reservations about moving away from the century old law based on the traditional 'Buyer Beware" (Caveat Emptor) principle. It felt that the Law Commission's approach could force insurers to pay claims on policies that it would never have issued had it known all the facts. These objections did not impress MPs. Fortunately, wiser counsels have prevailed in the ABI since then. There was always a feeling that the ABI membership w...