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ken_ichikawa

Car Insurance Price Fixing

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They do it because they can.

Aviva Annual Report

http://www.aviva.com/library/reports/2009ar/downloads/directors_remuneration_report.pdf

Andrew Moss, Group Chief Executive

Basic Salary £925,000 during the year

Mr Moss requested not to receive an increase to his basic salary in 2009.

Mr Moss requested that his basic salary should not be subject to annual review in 2010.

ABP £1,029,294 (111.3% of basic salary)

Bonus is a function of the degree of achievement of 2009 targets as follows:

(£343,098 delivered in cash and £686,196 deferred into shares for three years)

Financial 38.9% (maximum 50%)

Employee 5.0 % (maximum 10%)

Customer 6.9 % (maximum 10%)

Personal 23.3 % (maximum 30%)

OATTV Plan £501,443

The face value of 100% of the two-thirds deferred element of 2008

annual bonus.

LTIP – Face Value of grant £1,618,750

The face value of the grant represented 175% of basic salary on

28 February 2009.

ACAP £462,500

The Trustee of the Plan accepted Aviva’s recommendation and made an

award into the plan equivalent to 50% of Mr Moss’ basic salary as at

1 April.

Other Benefits £19,000 cash car allowance

2% basic salary cash

Mr Moss receives 2% of basic salary as a non-pensionable cash

supplement provided in consideration of his surrendering his Unapproved

Unfunded Retirement Benefit (UURB) promise at the point when accrual in

PMI the ASPS ceased.

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http://uk.finance.yahoo.com/news/Car-insurers-sharing-secrets-yahoofinanceuk-1410752599.html

No $hit sherlock! Hardly news as we knew this already!

This is extremely deflationary of course :)

Ken, I didn't know you were a tabloid headline writer.

Why dumb down such a nuanced article with "car insurance price fixing". There is no suggestion that anyone has fixed prices but just that the sharing of information in this way could be an infringement of competition law.

"The issue came to light after insurer Royal Sun Alliance, a user of the tool, notified the Office of Fair Trading when they became concerned that it may be an infringement of competition law."

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You can 'fix a price' too. When they ask 'whats the best quote you've had so far' just make up a number £20 or so below what they offer.

Unfortunately you dont know what price theyll quote until after theyve asked that question. :D

More than £20 and you'll probably find theyre concerned about their margins getting squeezed.

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Everything which can be abused will be abused. Anti terror laws are abused as a matter of policy. Naked scans are abused as a matter of government policy.

So you really expect when insurers are given a gold mine of information like this they won't abuse it? I'm sure those Nigerians find you excellent fodder for their schemes.

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Everything which can be abused will be abused. Anti terror laws are abused as a matter of policy. Naked scans are abused as a matter of government policy.

So you really expect when insurers are given a gold mine of information like this they won't abuse it? I'm sure those Nigerians find you excellent fodder for their schemes.

For price fixing to exist you would need them all to sit in a room and agree a price which is set artificially high. Finding out what someone else is charging and charging the same is not the same thing.

Waitrose match Tescos prices on hundreds of goods. Is that price fixing?

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For price fixing to exist you would need them all to sit in a room and agree a price which is set artificially high. Finding out what someone else is charging and charging the same is not the same thing.

Waitrose match Tescos prices on hundreds of goods. Is that price fixing?

Yep

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For price fixing to exist you would need them all to sit in a room and agree a price which is set artificially high. Finding out what someone else is charging and charging the same is not the same thing.

Waitrose match Tescos prices on hundreds of goods. Is that price fixing?

That's what the golfcourse is for ;)

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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