The Financial Conduct Authority will publish ‘scorecards’ on general insurance claims in the summer on a piloted basis.
The Financial Conduct Authority will publish ‘scorecards’ on general insurance claims in the summer on a piloted basis.
The regulator wants to demonstrate how often consumers claim on products, how likely claims are to be accepted and the average claims pay-out.
The data will be available on the FCA’s website for consumers.
Christopher Woolard, director of strategy and competition at the FCA, said: “We believe that publishing a range of information will help to boost competition between firms, encouraging them to focus on improving the value and performance of their products, whilst giving stakeholders and consumers more insight into the value they offer.”
The FCA’s measure comes after it concluded that competition isn’t working well for consumers in the GI space in July 2014.
In June 2015, the regulator proposed a number of options for publishing product information including claims ratio as a stand-alone value measure, claims ratio plus claims acceptance rates and claims acceptance rates, claims frequencies and average claims pay outs (the scorecard).
The FCA will engage with stakeholders around the pilot design ahead of the launch.
