The Financial Conduct Authority (FCA) has updated its web page on the new general insurance value measures that came into effect in July 2021. Under the new measures, general insurance firms are expected to publish a report covering the period 1 July 2021 – 31 December 2021 by 28 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.
The table now published by the FCA on its website sets out which firm (where there are several firms involved in underwriting a product) will be responsible for submitted the value measure data to the FCA.
The table will provide firms that have to report will helpful information about how to allocate responsibility between different providers (for example, between the main product and add-ons).
View: FCA updates web page on general insurance value measures