Revealed: how many Brits are paying too much for insurance

"The FCA found that a loyal customer pays 75% more than a new customer after five years – how is that fair?" Those were the words of Phoebe Hugh, chief executive and co-founder of insurance app Brolly, when the insurtech released the findings of its new research on overpayment. Blaming what it called the "renewal trap," Brolly said 64% of British policyholders are paying more than they should for insurance. According to the start-up, which uses artificial intelligence to analyse existing cover and offer better options, consumers in the UK are overpaying by at least £9 billion annually by not switching providers when it's time to renew. Launched last November, Brolly alerts users when a renewal is due and provides analysis of whether a policyholder is underinsured or overpaying.