FCA General Insurance Value Measures Data for 2022

FCA's first full year of general insurance value measures data covers January to December 2022. The data provides common indicators of value across a range of general insurance products to incentivize competition on broader elements of product value. Key findings include claims costs as a proportion of premium ranging from 4% to 65%, with a median of 35%.

Use Cases

• Benchmarking claims cost ratios across different insurance products based on the reported percentages.
• Analyzing market competition on product value rather than price alone, as described in the FCA's aims.
• Monitoring firm compliance with fair value rules under the Consumer Duty based on the reported indicators.
• Comparing value metrics for specific products like GAP Insurance and Excess Protection over time.

Strengths

• Provides the first full year of regulatory value measures data for 2022.
• Includes specific key findings such as claims cost ratios ranging from 4% to 65% with a median of 35%.
• Published by a financial regulatory authority (FCA) via the Government Digital Service.

Limitations

• Column-level documentation is absent; field semantics must be inferred after download.
• Row count is unknown, which may limit suitability assessment.
• Last update date is unknown; freshness unverified.

Provenance

Source

Financial Conduct Authority (FCA), published by the Government Digital Service.

Collection Method

Likely collected from regulated insurance firms as part of regulatory reporting.

Time Range

January to December 2022.

Freshness

Covers 2022; update frequency is unknown.

Geography

Likely United Kingdom, inferred from the UK regulator (FCA) and platform.