General Insurance value measures data – year ending 31 August 2018

We have published general insurance (GI) value measures data for 31 insurers (including both UK and EEA firms) for the year ending 31 August 2018.  

This follows previous GI value measures data publications in January 2017 and March 2018 covering data for the years ended 31 August 2016 and 2017 respectively.  

The pilot data cover claims frequencies, claims acceptance rates and average claim pay-outs. The products covered are home (buildings and contents) insurance, home emergency, personal accident and key cover. The data provide users with a broader range of information to assess firms and product value. The GI add-ons market study found that consumers do not have commonly available indicators of value, and some products were poor value. The publication of data creates incentives for firms to improve product value, with consumers purchasing more suitable products.

We are also consulting on proposals requiring firms to report GI value measures data to us. 

Interpreting the data

The data provides firms and other users, such as consumer groups, consumers and market commentators with additional value indicators for GI. Firms will use these data to help assess the value of their insurance products, compare to peers and where appropriate make improvements. We do not expect the data to inform customers’ purchasing decisions. Consumers buying insurance may use the value measures data, but they should also consider factors like prices, product benefits, breadth of cover, excess levels, complaints volumes, average claims settlement periods and product assessment websites. 

There may be further information on the data for individual firms on their websites.

When using these value measures data, you should also be aware of the following data limitations:

  • The data are aggregated
    The value measures data reflect the aggregated data for individual firms and products. The data will reflect the mix of business undertaken by that firm and may not reflect individual distributor or brand arrangements. It may also not represent individual insurance products purchased by different consumers from the same insurer.
  • The data reflect past performance
    The published data relate to the year ending 31 August 2018. The data may vary in subsequent years. This variation may be caused by a variety of factors.  For instance, poor weather conditions such as floods or storms can increase both the frequency of claims and claim pay-outs.  
  • Actual claim pay-outs can vary significantly from the average
    The average claim pay-outs include payments to policy beneficiaries and other relevant costs incurred by insurers to resolve claims. For example, services provided when dealing with home emergency. These costs will typically be lower than those of an independent tradesperson appointed by a customer in an emergency situation.
  • Average claims pay-out and claims frequency will be influenced by a variety of factors such as the level and type of cover
    Some insurers may predominately sell specialist or high-end products. In this case the sum insured may be considerably higher, resulting in higher claims costs.

 

Home

Home (combined buildings and contents)

Contracts of insurance against loss or damage to both the structure and contents of domestic properties including cover against risks to the persons insured incurring liabilities to third parties arising out of injuries happening at home. For the purposes of the pilot, this excludes contents-only and buildings-only policies.

Key:

* - data for this firm primarily relate to specialist or high net worth business

Firm

Claims frequency

Claims acceptance rate

Average claim pay-out

Admiral Insurance (Gibraltar) Limited

2.5% to 4.9%

90% to 92.4%

£2,500 to £2,999

Ageas Insurance Limited

2.5% to 4.9%

82.5% to 84.9%

£3,500 to £3,999

Allianz Insurance plc

5% to 7.4%

92.5% to 94.9%

£3,500 to £3,999

Amtrust Europe Limited

5% to 7.4%

92.5% to 94.9%

£3,000 to £3,499

Aviva Insurance Limited

2.5% to 4.9%

95% to 97.4%

£3,500 to £3,999

AXA Insurance Uk Plc

2.5% to 4.9%

90% to 92.4%

£3,500 to £3,999

Axis Capital/ Novae Syndicates Limited

2.5% to 4.9%

90% to 92.4%

£3,500 to £3,999

Brit Syndicates Limited

7.5% to 9.9%

80% to 82.4%

£1,500 to £1,999

Canopius Managing Agents Limited

2.5% to 4.9%

90% to 92.4%

£5,500 to £5,999

CIS General Insurance Limited

5% to 7.4%

87.5% to 89.9%

£3,000 to £3,499

Cornish Mutual Assurance Company Limited

12.5% to 14.9%

95% to 97.4%

£2,000 to £2,499

Covea Insurance plc

2.5% to 4.9%

90% to 92.4%

£3,500 to £3,999

Ecclesiastical Insurance Office Plc

10% to 12.4%

92.5% to 94.9%

£7,500 to £7,999

esure Insurance Limited

2.5% to 4.9%

92.5% to 94.9%

£3,500 to £3,999

Great Lakes Insurance SE

2.5% to 4.9%

85% to 87.4%

£3,000 to £3,499

Gresham Insurance Company Limited

5% to 7.4%

95% to 97.4%

£3,500 to £3,999

Hiscox Insurance Company Limited *

5% to 7.4%

95% to 97.4%

£8,000 to £8,499

Legal and General Insurance Limited

2.5% to 4.9%

90% to 92.4%

£2,000 to £2,499

Liberty Insurance Limited

5% to 7.4%

97.5% to 100%

£4,000 to £4,499

Liverpool Victoria Insurance Company Limited

2.5% to 4.9%

92.5% to 94.9%

£4,000 to £4,499

Lloyds Bank General Insurance Limited

5% to 7.4%

87.5% to 89.9%

£3,500 to £3,999

Royal & Sun Alliance Insurance Plc

5% to 7.4%

97.5% to 100%

£3,000 to £3,499

St Andrew's Insurance Plc

2.5% to 4.9%

85% to 87.4%

£6,500 to £6,999

Tesco Underwriting Limited

2.5% to 4.9%

87.5% to 89.9%

£1,500 to £1,999

The National Farmers' Union Mutual Insurance Society Limited

7.5% to 9.9%

97.5% to 100%

£6,500 to £6,999

The Salvation Army General Insurance Corporation Ltd

2.5% to 4.9%

95% to 97.4%

£4,000 to £4,499

UK Insurance Ltd

5% to 7.4%

92.5% to 94.9%

£2,500 to £2,999

Zenith Insurance Plc

5% to 7.4%

87.5% to 89.9%

£3,500 to £3,999

Zurich Insurance PLC

5% to 7.4%

97.5% to 100%

£4,000 to £4,499

Home emergency

Home emergency

Contracts of insurance for household assistance. Contracts of insurance with an element of service fall within this category, if they relate to household assistance in class 18 of schedule 1 to the Regulated Activities Order 2001.

Key:

+ – pilot data for this firm reflect the cost of the home emergency. They exclude the cost of the regular boiler service which is usually part of the product for some or all customers.

Firm

Sales channel

Claims frequency

Claims acceptance rate

Average claims pay-out

Admiral Insurance (Gibraltar) Limited

Add-on

5% to 7.4%

95% to 97.4%

£180 to £189.9

Ageas Insurance Limited

Add-on

2.5% to 4.9%

80% to 82.4%

£130 to £139.9

Amtrust Europe Limited

Add-on

2.5% to 4.9%

87.5% to 89.9%

£210 to £219.9

Aviva Insurance Limited

Add-on

15% to 17.4%

95% to 97.4%

£130 to £139.9

Brit Syndicates Limited

Add-on

2.5% to 4.9%

92.5% to 94.9%

£300 to £309.9

DAS Legal Expenses Insurance Company Limited

Add-on

2.5% to 4.9%

95% to 97.4%

£180 to £189.9

Great Lakes Insurance SE

Add-on

2.5% to 4.9%

62.5% to 64.9%

£100 to £109.9

Liverpool Victoria Insurance Company Limited

Add-on

5% to 7.4%

92.5% to 94.9%

£200 to £209.9

Royal & Sun Alliance Insurance Plc

Add-on

2.5% to 4.9%

97.5% to 100%

£250 to £259.9

The National Farmers' Union Mutual Insurance Society Limited

Add-on

5% to 7.4%

87.5% to 89.9%

£260 to £269.9

UK Insurance Ltd

Add-on

7.5% to 9.9%

97.5% to 100%

£180 to £189.9

Amtrust Europe Limited

Stand-alone

52.4% to 54.9%

97.5% to 100%

£110 to £119.9

Aviva Insurance Limited +

Stand-alone

40% to 42.4%

97.5% to 100%

£90 to £99.9

British Gas Insurance Limited +

Stand-alone

95% to 97.4%

95% to 97.4%

£110 to £119.9

DAS Legal Expenses Insurance Company Limited +

Stand-alone

27.5% to 29.9%

95% to 97.4%

£120 to £129.9

Great Lakes Insurance SE +

Stand-alone

30% to 32.4%

87.5% to 89.9%

£120 to £129.9

Royal & Sun Alliance Insurance Plc

Stand-alone

7.5% to 9.9%

97.5% to 100%

£260 to £269.9

UK Insurance Ltd

Stand-alone

15% to 17.4%

97.5% to 100%

£180 to £189.9

Personal accident

Personal accident sold as an add-on to motor or home insurance

Contracts of insurance sold as an add-on which fall within classes 1 or 2 of Schedule 1 to the Regulated Activities Order 2001, but are not medical expenses insurance, healthcare cash plans, travel insurance or creditor insurance.

Key: ++ - personal accident data for this firm relates to a motor extended personal accident product.

Firm

Claims frequency

Claims acceptance rate

Average claims pay-out£

Admiral Insurance (Gibraltar) Limited

Between 1 in 100 policies and 1 in 250 policies

95% to 100%

£500 to £999

Ageas Insurance Limited

Between 1 in 100 policies and 1 in 250 policies

90% to 94.9%

£2,000 to £2,499

Amtrust Europe Limited

Between 1 in 20,000 policies and 1 in 25,000 policies

80% to 84.9%

£19,000 to £19,499

Aviva Insurance Limited

Between 1 in 10,000 policies and 1 in 15,000 policies

95% to 100%

£0 to £499

Canopius Managing Agents Limited

Between 1 in 100,000 policies and 1 in 150,000 policies

95% to 100%

£20,000 to £20,499

esure Insurance Limited

Between 1 in 50,000 policies and 1 in 100,000 policies

95% to 100%

£40,000 to £44,999

Great Lakes Insurance SE

Between 1 in 1,000 policies and 1 in 2,499 policies

95% to 100%

£1,500 to £1,999

Liverpool Victoria Insurance Company Limited ++

Between 1 in 100,000 policies and 1 in 150,000 policies

95% to 100%

£100,000 to £100,499

Tesco Underwriting Limited

Between 1 in 5,000 policies and 1 in 9,999 policies

95% to 100%

£22,000 to £22,499

The National Farmers' Union Mutual Insurance Society Limited

Between 1 in 1 policy and 1 in 99 policies

95% to 100%

£9,000 to £9,499

Zenith Insurance Plc

Between 1 in 500 policies and 1 in 1,000 policies

90% to 94.9%

£1,000 to £1,499

Key cover

Key cover sold as an add-on to motor insurance

Contracts of insurance sold as an add-on to motor insurance for lost, stolen and/or broken keys.

Firm

Sales channel

Claims frequency

Claims acceptance rate

Average claims pay-out£

Admiral Insurance (Gibraltar) Limited

Add-on to motor insurance

2.0% to 2.99%

90% to 94.9%

£200 to £249

Ageas Insurance Limited

Add-on to motor insurance

2.0% to 2.99%

85% to 89.9%

£150 to £199

Amtrust Europe Limited

Add-on to motor insurance

2.0% to 2.99%

95% to 100%

£200 to £249

esure Insurance Limited

Add-on to motor insurance

0.0% to 0.99%

80% to 84.9%

£300 to £349

Great Lakes Insurance SE

Add-on to motor insurance

3.0% to 3.99%

40% to 44.9%

£250 to £299

Download the data which include the 2017/2018 comparison

View 2017 data

View 2016 data

View the 2016 and 2017 comparison data

Definitions

  • Sales type
    For personal accident and key cover the data reported are for policies sold as a separate policy add-on to home or motor insurance.
    Home insurance data are reported as standalone sales for combined buildings and contents policies.
    For home emergency insurance the data reported are split between stand-alone sales and policies sold as a separate policy add-on to home or motor insurance.
  • Claims frequency
    How often consumers are claiming on their insurance policies – calculated as the number of claims registered divided by the average number of policies in force. 
  • Claims acceptance rate
    How likely claims are to be accepted. This is calculated as the number of claims registered less the number of claims rejected, divided by the number of claims that have been registered. 
  • Average claims pay-out
    Average claims pay-out (which could include internal costs, relevant external costs as well as pay-outs to policy beneficiaries).

Read the information request (PDF) and guidance for the 2018 data (covering the year ended 31 August 2018) for further information on the definitions.