The Financial Conduct Authority has published its first set of general insurance data after pointing the finger at the poor value of such products. Out of 32 firms offering standalone home (combined buildings and contents) insurance, those with the lowest claims acceptance rates were UIA Insurance (75 to 79.9%) and Zenith Insurance (75 to 79.9%). GI providers who accepted most claims included Liberty Insurance and Royal & Sun Alliance Insurance (97.5 to 100%). L&G reveals what’s required to get firms lending on prefabs Jason Berry, director of sales at Uinsure, said: “Over 90% of claims should be settled and that’s got to be a target for the industry. “Any legislative change that makes things more consistent and transparent is a good thing.” The insurance claims data was for the year ending 31 August 2016. Geoff Hall, managing director of Berkeley Alexander, said: “It’s a difficult one because it’s hard to say what claims aren’t legitimate or covered by policies. “If somebody makes a false claim to make a profit that’s not going to get paid. “One would expect an insurer to accept 100% of valid claims.” The FCA will publish further pilot data for the year ending 31 August 2017 and after that will consider publishing data for the year ending 31 August 2018.
The Financial Conduct Authority (FCA) has published its first list of insurers offering the lowest claims acceptance rates, with Jason Berry and UIA Insurance topping the list. According to FCA data, both firms accepted between 75% and 79.9% of claims, while Liberty Insurance and Royal & Sun Alliance Insurance had acceptance rates of between 97.5% and 100%. Zenith, director of sales at Uinsure, said the industry should strive to settle more than 90% of claims. The FCA is set to release more pilot data for the year ending 31 August 2017.