FCA publishes a suite of insurance-focused reports

The FCA has published a summary web page outlining the headlines from four separate reviews relating to general insurance.  The page includes a headline infographic (also published separately) outlining what the FCA has looked at.  This gives a reason ‘why’ the FCA has done this work, with the reason being “to help consumers navigate their financial lives and support growth – by making sure claims are handled promptly and fairly and pushing for a coordinated effort to tackle the root causes of rising motor premiums”.

• The package of reports focuses on how the retail insurance market is working, and sets out actions for the FCA and others to address specific issues.
• The four reviews relate to:
  • an analysis of the drivers behind increases in motor insurance premiums, particularly focusing on claims;
  • a review of claims handling in home and travel insurance;
  • an update paper from our market study on premium finance (MS24.1) in home and motor insurance; and
  • an evaluation of our pricing reforms in the motor and home insurance markets.
• The page provides a useful overview of the findings in the individual reviews, and outlines what the FCA sees as next steps for the FCA and the insurance industry.