FCA: Consumers overpaying £108m a year in ‘poor value’ add-ons

Financial Conduct Authority

The watchdog published 'scorecards' of 38 insurers, analysing claims frequency for add-on products and claims acceptance rates. The scorecards were for four main product areas: home, home emergency, personal injury and key cover.  It found that for personal injury add-ons, LV had a claims frequency of between 0-1 in 100,000 claims. Esure had a claims frequency of between 1 in 25,000 policies and 1 in 49,999 policies, with a claims acceptance rate of just 60% to 69.9%. "We identified