FCA to publish GI claims scorecards

The scorecards will show how often consumers are likely to claim on a product, how likely those claims are to be accepted and the average claims pay-out.

In July 2014, the FCA published the results of the general insurance add-ons market study which showed that competition was not working well for many consumers.

The pilot will launch this summer, and will last for approximately 12 months, including two publications of the data - one at the start and one at the end of the pilot.

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.”