Uswitch comments on FCA report
The Financial Conduct Authority (FCA) is looking at measures to help consumers assess the value for money being offered in insurance products. One proposed change is that insurers are forced to regularly disclose the value of claims paid out as a percentage of premiums paid.
Commenting on the publication, Rod Jones, insurance expert at Uswitch.com, said: “The insurance market can be complicated and confusing for consumers. The proposed changes could help them make better informed decisions about which policies offer the best value for money and are most likely to pay out in the event of a claim.
“However, insurers should be able to exclude from their data instances where a claim turned out to be fraudulent, so as not to distort the payout ratios. This approach needs to be standardised across the industry, to give consumers the confidence that they are always comparing like with like.”
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Charlotte Nunes
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Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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