Context
The FCA has updated it’s webpage on Value Measures reporting. Under the new measures, general insurance firms are expected to publish a report covering the period 1st July 2021 – 31st December 2021 by 28th February 2022. The report must contain data on general insurance value measures such as claims frequencies, claims acceptance rates, average claim pay-outs and claims complaints as a percentage of claims.
Key points to note
- The table now provided by the FCA on its page sets out which firm (where there are several firms involved in underwriting a product) will be responsible for submitting the value measure data to the FCA.
Next actions
None – for information and awareness only.