UK General boss disagrees with a key part of the FCA’s plans to shake up the sale of add-ons
UK General chief executive Peter Hubbard believes FCA plans to force insurers to publish claims ratio data will give customers the wrong idea.
As part of its plans to improve customer experience when buying add-ons, the FCA wants firms to publish claims ratios to highlight low-value products.
The regulator is currently consulting on the remedy.
But Hubbard, speaking in an interview with Insurance Times this week, said: “Insurance is not an investment product and if you start publishing claims data you build a customer expectation that is not realistic.”
In the interview, Hubbard also confirmed that UK General had made an operating profit of £5.8m, a turnaround for a company that was making a loss three years ago.
To read the full interview click the latest issue.