Life insurance providers in the UK are said to be potentially facing a class action lawsuit for their supposed “unjustified” hikes in premiums.
According to a report by Law360, a group of experts and lawyers trading as WLI Claims is looking to represent millions of UK residents who may have been paying increasingly high costs for whole-of-life insurance policies.
Also known as Trethowans LLP, WLI Claims reportedly could back as much as 10 million policyholders in Britain in the planned legal battle.
A 2021 document published by the Association of British Insurers shows that there are more than 300 authorised life insurance companies in the UK.
Meanwhile calculations from data collected by broker Protect Line from January to May 2021 peg the average cost of life insurance in the country at £31.77.