The economics of insurance markets – FCA call for inputs in relation to Big Data in retail general insurance

January 1, 2016
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Insurance markets have been subject to intense scrutiny from competition authorities in recent years. A key concern of the Competition and Markets Authority and the Financial Conduct Authority has been whether markets are exploiting behavioural consumer biases and isolating competitive pressure on only the most engaged consumers. This article assesses the actual and potential importance of Big Data in general retail insurance, how consumers’ interests are affected by the use of Big Data, the seriousness of any potential competition issues, and whether the answer to any issues is regulation.

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