The regulator published its business plan for general insurance this morning
The Financial Conduct Authority (FCA) has announced that it will force the regular reporting of value measures data ’by Q1 2021’.
As part of its business plan for general insurance, which published this morning, the FCA said that based on feedback from the open consultation it started in January, it plans to publish a policy statement in Q3 2019.
The FCA then said this policy statement “may mean that regular reporting and publication of value measures data will begin in Q1 2021”.
Positive impact
The FCA said it saw a positive impact of the piloted publication of GI value measures since 2016, stating that senior managers of firms had been ”using the data to assess the value of their products and services, and to make improvements.”
Other priorities and activities
The FCA announced its other priorities for the year 2019/20. These include:
- Fairness in pricing and product value - the FCA found that the home insurance market charges existing customers higher renewal prices than those for new customers. It said it will publish a feedback statement on fair pricing in a discussion paper, due to be released “in Q2 2019/20.”
- Signposting and access to insurance - The FCA says it is working with the industry to “ensure consistent signposting” for consumers when accessing travel insurance, especially those with pre-existign medical conditions. This suggests that the problem may not be being resolved at the rate the FCA is satisfied with.
The FCA also announced that it will publish evaluation papers on GI renewals during the summer of 2019, and will monitor potential claims inflation and motor claims practices around the Civil Liability Act, with the promise to intervene if it sees fit.
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