"We have already seen examples of where publishing the first set of data has incentivised insurers to make product improvements and focus more on overall product value."
The publication of value measures data was one of the remedies from the FCA’s general insurance add-ons market study, which found poor value in both add-on, and some stand-alone, products.
The FCA also found that consumers, firms and other organisations found it difficult to assess value due to the lack of a commonly available measure of value.
The regulator will decide later this year whether to undertake a further pilot, before considering whether to publish a consultation on new rules for firms to report value measures data.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said: “Publishing value measures data increases the range of information available about general insurance products. This will help increase market focus on suitability and value, as well as the headline price.
“We have already seen examples of where publishing the first set of data has incentivised insurers to make product improvements and focus more on overall product value.”
