General insurance value measures data 2024

We publish this data annually to drive transparency in the market and to provide firms, consumer groups and other stakeholders common indicators of value across a range of general insurance products. These indicators include claims frequency, claims acceptance rates, average claims payout, claim complaints rate, and the proportion of premiums paid out in claims.

This publication is a factual summary only, and we explain below any data challenges and limitations. The data is not designed to directly support consumers when making decisions about insurance products. The data is historic so may not reflect products and prices available today. If consumers have questions about the value of their insurance products, they should raise these with their insurer or broker directly. It is important that consumers understand what cover they are getting – have confidence that it provides fair value and that they are treated fairly when making a claim.  

For a broader review of the work we have been doing to drive a well-functioning retail insurance market, please look at our July 2025 publication[2] of a package of reports on how the retail insurance market is working which also made recommendations for action to be taken to address specific issues. As part of that work, we assessed the reasons behind increases in motor insurance premiums, particularly focusing on claims costs, and claims handling in home and travel insurance.

We continue to take forward the recommendations made in that set of reports, working with individual firms to drive improvements as well as working with government and other stakeholders.

Key points:

• Despite recent cost increases for consumers in motor and home insurance, our 2024 data shows the proportion of premiums paid in claims for these core products has remained broadly consistent year on year.
   
• The data reflects the impact of our previous intervention on GAP insurance, which some firms agreed to pause selling until they could show their products provide fair value to customers. We allowed several of these firms to start these sales[3] again during the reporting period. 

What the data shows

Claims costs as a proportion of premiums

At an aggregated product level, where a minimum of 5 firms reported data, and the data met our standards required for publication:

• Claims costs as a proportion of premium range from 20% for tyre cover (Add-on) to 69% for healthcare cash plan (All). In 2023 the range was 10% for GAP insurance (Add-on) to 72% for healthcare cash plan (All).
   
• Claims costs as a proportion of premium were 54% for motor insurance (56% in 2023) and 46% for home insurance (buildings and contents combined) (45% in 2023).
   
• The 2024 data for GAP insurance shows claims costs as a proportion of premium of over 100%. This reflects the impact of our interventions with GAP insurance firms. With written premiums reducing during this period, and claims still being paid, our data on the % of premium paid out in claims has climbed above 100%. We expect this to stabilise in future years. These figures are not representative of value or product performance and should be used with caution.  

Findings from the other claims-related metrics

We found that the claims frequency rates, claims acceptance rates and claim complaints as a % of claims have not changed materially from the previous year.

For the average claims payout, we see slightly higher volatility as it reflects a range of factors such as claims costs inflation. Most notable was Motorcycle (All) which fell by 12%, although this was mainly driven by a provider’s data not being included in 2024, as opposed to an overall downwards market trend.

Download GI value measures 2024 (XLSX)[4]

Factors to consider when analysing the data

A wide range of factors can contribute to the value of a general insurance product. These factors need to be considered together rather than viewing single metrics in isolation. 

Some factors not identifiable in the value measures data may also influence the results for any period. For example, business mix, age of the product, duration of policy, target market and volume of business could create significant variation across products or firms. External factors such as changes to the climate, inflation or societal issues could also have an impact.

The proportion of premiums paid out in claims is one possible indicator of the relationship between the risk price and the total price. This figure may vary across time or between firms. For example, due to a significant change in written premiums (a new product launch, decrease or suspension of sales, or significant pricing changes). We publish this metric at an aggregate product level. This allows for some cross comparison between different products where other measures may be likely to have product specific features and variations.

Data quality

Firms are responsible for submitting complete and accurate data. We have taken steps to challenge and correct material data quality issues. It is possible that reporting inaccuracies or inconsistencies may still exist between firms. Some movement to the data may be possible between publication cycles where firms identify and correct reporting errors outside the normal reporting period. Care is needed if comparing this publication with historical data.

Home insurance claims acceptance rates

Claims acceptance rates in home insurance ranged across different firms from 50-55% to 95-100%. This range has been a persistent trend in our previous data publications. We have engaged with selected firms to understand this better. Factors influencing claims acceptance rates on home insurance may include: 

• Legitimate variations between firms’ products and target markets.
   
• The possibility of inconsistent reporting between firms and differing interpretations of our reporting guidelines (including how claims declines are recorded).

Where we have identified any material reporting issues, we have asked firms to resubmit their data – but the possibility of inconsistencies between firms remains within the data. We are also investigating this area further as part of our planned post-implementation review of the value measures rules. This work has started, and we expect to publish our findings in the summer of 2026. For the time being, home insurance acceptance data should be used with caution and understanding that comparison between firms may not be like for like.

What the data includes

The data includes firm-specific information on claims frequencies, claims acceptance rates, average claims pay-outs and claims complaints as a proportion of claims, for a wide range of retail GI products.

Firms must report on relevant products sold to consumers in the UK where total retail premiums (written) are above £400,000 in the reporting period, and where there are more than 3,000 policies in force during the reporting period. As previously, we are publishing data about individual firms where the same reporting threshold is met at a detailed product level.

We have included additional contextual information at an aggregate product level to help readers interpret the data. For example, we have calculated the proportion of funds raised in premiums that insurers paid out in claims. Our aggregated product level data only includes products where 5 or more firms submitted data, and where the data met our standards required for publication.

In Policy Statement PS20/9[5] we said that we would not require firms to report claims cost information for legal expenses insurance or vehicle breakdown insurance. The data does not include related metrics for these products.