We've reviewed our value measures rules for general insurance and are consulting on 2 minor changes to reduce reporting burden on firms.
We've completed a post-implementation review of our general insurance value measures rules, first introduced in 2021. The review found the rules have improved transparency and helped firms meet fair value requirements, but reporting inconsistencies make the data harder to use and compare. We're now consulting on 2 minor changes to reduce the reporting burden on firms, ahead of a wider consultation on the rules expected in the first half of 2027.
This applies to general insurance firms that report value measures data, including insurers, intermediaries and managing agents. It's also relevant to other stakeholders such as trade bodies, consumer organisations, research companies and price comparison websites.
We're asking for comments on our proposals by 9 October 2026. You can respond using the online response form, or in writing, to Toby Stubbs, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.
Or email [email protected].
Following this consultation, we expect to consult on wider changes to the value measures rules in the first half of 2027.
We introduced value measures rules in 2021, following our 2014 general insurance add-ons market study and a pilot scheme run from 2016 to 2020. Firms report annual data on a range of value measures such as claims frequency, claims acceptance rates, average claim pay-outs and claims complaints, and we publish some of this data by firm and product.
Since then, we've introduced our General Insurance Pricing Practices rules and the Consumer Duty, which shape how firms assess product value and act to deliver good outcomes to consumers. In 2025, Which? submitted a super-complaint about poor outcomes in home and travel insurance, using value measures data.
Our proposals would remove 2 reporting requirements: the amount that the top 2% of claim pay-outs are above, and the names of firms' 5 largest distribution arrangements for each product. We don't publish these data points and don't use it widely in our supervisory work, so removing them should reduce firm burden without reducing the usefulness of the data.
We propose these changes take effect for 2026 and 2027 data submissions on a transitional, optional basis, becoming mandatory from the 2028 reporting year (due to be submitted in 2029).