Decreasing claims from older collapses outweigh costs of recent failures to the FSCS
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme fell 14% to £146.4m in the year to 31 March 2020.
Costs stemming from insurer failures – which account for the majority of general insurance-related compensation – decreased £32.9m, as a result of decreasing costs from older collapsed firms
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