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 (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
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 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 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 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.