The Financial Conduct Authority (FCA) is to start publishing “scorecards” rating a small number of general insurance products.
The watchdog said it will collect data from companies and present it in “an easily accessible format” on its website.
“We believe that publishing a range of information will help to boost competition between firms, encouraging them to focus on improving the value and performance of their products, whilst giving stakeholders and consumers more insight into the value they offer,” said the FCA’s director of strategy and competition, Christopher Woolard.
James Dalton, director of general insurance policy at the Association of British Insurers, said the group would examine the regulator’s proposal in detail and work with the FCA going forward.
“In doing so we must ensure the high level of competition in the market continues, and that publishing this firm specific data does not risk misleading consumers with irrelevant information,” Dalton added.
“It’s important that buying insurance is not just about getting the cheapest price in the quickest time possible, but about ensuring people have the right product for their circumstances.”