Regulatory Alerts2019-01-29
Added · Updated
PS20/9: General Insurance Value Measures Reporting and Publication
General Insurance insurers and intermediaries must report claims frequencies, claims acceptance rates, average claim pay-outs, and claims complaints as a percentage of claims. The scope includes buildings and contents, home emergency, personal accident, key cover, and specific add-ons such as alloy wheel and vehicle cosmetic insurance, while excluding private medical insurance. Product governance rules requiring firms to consider value measures data when assessing fair value take effect on 1 January 2021, with the first value measures report due on 28 February 2022 for data covering 1 July to 31 December 2021.