MAS moves to simplify insurance pricing

From 1 July, the No Claims Bonus (including Secured No Claims Bonus), Multi-Product and Gold Shield Discounts will no longer apply to new policies and will be removed at the next policy renewal for existing Members. Importantly, Members will not see their premiums increase as a result of this change.             

“This update will simplify pricing while maintaining the same level of cover for Members. It is part of MAS’s wider transformation programme, which aims to modernise systems and make insurance pricing straightforward and easy to follow for Members,” says Chris Sutherland, MAS Chief General Insurance Officer.     

“Our goal is to make pricing simpler to navigate. Cover and benefits under these policies aren’t affected by this change – only the way we calculate premiums.”    

“There are several factors involved in the No Claims Bonus, Multi-Product and Gold Shield Discounts, and we have not always managed to apply them consistently. Our focus moving forward is to deliver value and competitive pricing tailored to individual Member needs.” 

According to Sutherland the removal of the No Claims Bonus also takes away a potential barrier that can discourage people from making legitimate claims.          

“No-one should feel reluctant to make a claim because they’re worried about losing a discount. Removing the No Claims Bonus reduces that disincentive and supports Members to claim when they genuinely need to,” says Sutherland. 

“Discounts are only one part of how premiums are calculated. Our new approach allows us to keep premiums clear and easy to understand.” 

Members will receive a reminder a few weeks before their renewal confirming the change. Our team will be available to answer any questions Members may have and you can check out our FAQs.

General insurance premiums are recalculated each year and are influenced by a range of factors, including individual risk and policy details.