The UK's Financial Conduct Authority has published the first set of data in its general insurance value measures pilot scheme, covering the year ending 31 August 2016. Wealth managers might wish to participate.

In its general insurance add-ons market study, the FCA found poor value in both add-on and some stand-alone products sold by firms. They also found that consumers were finding it difficult to assess value because of the absence of a commonly available measurement system.

Some time ago, the FCA set out its ideas for the publication of value measures in general insurance markets. In March last year, it promised to experiment with the publication of data that includes claims frequencies, claims acceptance rates and average claims pay-out by insurer for four general insurance products: home insurance (combined buildings and contents); home emergency insurance; personal accident insurance sold as an add-on to motor or home insurance; and key cover sold as an add-on to motor insurance.

With the publication of such data, consumer groups and market commentators will have commonly available indicators of value for insurers which ought to help them to assess products. Firms may also use the data to compare things with their peers. The FCA expects that the use of the published data by these disparate groups will make these markets easier to understand and encourage firms to improve the value their products offer to consumers. The information is not targeted at individual consumers, HNW or otherwise, but the FCA expects a small number to use it directly.  

The idea is to give market participants of all kinds access to a wide range of information about the value of general insurance products that goes beyond price. The FCA will publish further "pilot data" for the year ending 31 August 2017 and will consider a further publication of data for the year ending 31 August 2018.