The Association of British Insurers (ABI) has requested the Financial Conduct Authority (FCA) to issue guidelines prescribing a minimum standard of information to be provided to customers at the time of motor or home insurance policy renewals.

Submitting two proposals to the UK financial watchdog, ABI aims to reduce the cumbersome information given to customers while making renewal process simpler and clearer, as reported by POST.

ABI deputy director general Huw Evans was quoted by POST as saying: "Insurers want to make renewing your insurance policy easier and clearer to understand by reminding you of last year’s premium and flagging up introductory discounts."

"Our proposal, if adopted by the FCA across the market, would significantly improve transparency for millions of customers. We look forward to discussing it in detail with the FCA."

The proposal encompasses not only insurance companies, but also brokers and other intermediaries, including banks and price comparison websites, marketing motor and home insurance.