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UK watchdog publishes data to improve insurance market

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Staff Writer | January 25, 2017
Britain's financial watchdog published data on Wednesday in a bid to improve transparency in the general insurance market and help consumers assess whether products offer value for money.
Financial Conduct Authority
Britain   The Financial Conduct Authority
The Financial Conduct Authority (FCA) said it had found poor value in products sold by insurance firms, adding that the data will include information on claims frequencies, claims acceptance rates and average claims pay-outs by insurers.

The pilot scheme, with information from 38 insurers who provided claims data for the year ended August 2016, is designed to influence both consumer and corporate behaviour, incentivising firms to improve the value their products offer to consumers, the FCA said.