FCA publishes general insurance value measures data for 2024
The Financial Conduct Authority (FCA) has published its third full year of general insurance value measures data covering January 2024 to December 2024. The data shows claims costs as a proportion of premiums ranged from 20% for tyre cover to 69% for healthcare cash plans, with motor insurance at 54% (compared to 56% in 2023) and home insurance at 46% (compared to 45% in 2023). GAP insurance data shows claims costs exceeding 100% of premiums, reflecting the impact of previous FCA interventions where firms paused sales until they could demonstrate fair value to customers. The data includes claims frequency, acceptance rates, average payouts and complaints rates for products where firms have total retail premiums above £400,000 and more than 3,000 policies in force. The FCA has identified data quality issues particularly around home insurance claims acceptance rates, which range from 50-55% to 95-100% across different firms, and plans to publish findings from a post-implementation review of the value measures rules in summer 2026.