General Insurance Value Measures
The objective of the working party is to provide an insight into shareholder value measures in a general insurance company.
General insurance value measures. Claims frequencies claims acceptance rates and average claims pay outs. Ifoa response to cp19 8. On 30 january 2019 the fca published general insurance value measures reporting cp19 8 in cp19 8 the fca proposes to require firms to report general insurance gi value measures data to the fca for publication the fca proposes to introduce these measures to address poor product value and quality and reduce the risk of sales of unsuitable gi products.
I am writing in response to this consultation paper on behalf of the association of financial mutuals. In january 2019 we consulted on proposals requiring firms to report general insurance gi value measures data to the fca for publication. The financial conduct authority fca has opened consultation on new rules which would require firms to publish general insurance gi value measures data in a bid to improve transparency for consumers.
Possible measures for monitoring shareholder value both internal and external to a general insurer. On 30 january 2019 the fca published a consultation paper cp19 8 containing proposals to require firms to report general insurance gi value measures data to the fca for publication. We continue to believe that value measures are necessary to help us ensure that consumers get value from gi products.
Previously the fca found poor value in the general insurance gi market. Afm response to cp19 8 general insurance value measures reporting 1 toby stubbs financial conduct authority 12 endeavour square london e20 1jn 29 april 2019 dear toby afm response to fca cp19 8 general insurance value measures reporting 1. In october 2019 we launched the fourth general insurance gi value measures pilot.
1 2 terms of reference the working party planned to cover. The institute and faculty of actuaries ifoa welcomes the opportunity to respond to the fca s consultation paper cp on general insurance value measures reporting. The publication of the value measures pilot data has been delayed.
Please see our page on coronavirus information for firms for further updates. The financial conduct authority fca has launched a general insurance consultation regarding value measures data. We received feedback from 36 respondents which gave us important insights into our proposals.
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