FCA General Insurance Value Measures: Claims and Premiums for UK Retail Products, 2023
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Description
The Financial Conduct Authority's second full year of general insurance value measures data covers January to December 2023. It provides firm-specific information on claims frequencies, acceptance rates, average pay-outs, and complaints for a wide range of UK retail insurance products. Data is published to create incentives for firms to compete on product value, with aggregated results showing claims costs as a proportion of premium ranging from 10% to 72% across different product types.
Use Cases
Benchmarking firm performance on claims metrics based on published firm-specific data.
Analyzing market-wide value trends for products like motor and home insurance based on aggregated claims-cost-to-premium ratios.
Comparing product categories such as GAP insurance and healthcare cash plans based on their differing claims cost proportions.
Monitoring year-over-year changes in value measures, such as the drop in claims costs for motor and home insurance from 2022 to 2023.
Strengths
Provides firm-specific data for products meeting reporting thresholds of over £400,000 in premiums and 3,000 policies.
Includes concrete aggregated metrics, such as claims costs ranging from 10% of premium for GAP insurance to 72% for healthcare cash plans.
Covers a full calendar year from January to December 2023, offering a complete annual snapshot.
Limitations
Data is historic and may not reflect current products and prices available today.
Column-level documentation is absent; field semantics must be inferred after download.
Row count is unknown, which may limit suitability assessment for large-scale analysis.
Provenance
Source
Financial Conduct Authority (FCA), published via the UK Government Digital Service.
Collection Method
Mandatory reporting by insurance firms meeting specific premium and policy volume thresholds.
Time Range
January to December 2023
Freshness
Covers data from 2023; last update date is unknown.
Geography
United Kingdom
Licensed under OGL-UK-3.0. The FCA states this data is not designed to directly support consumer purchasing decisions.