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Insurance complaints slide – FCA data

By 29/04/2022No Comments
Insurance complaints slide – FCA data

It’s that time of the year again when the Financial Conduct Authority (FCA) publishes its complaints data for financial services in the UK, and there’s good news for the insurance sector.

According to the FCA, the insurance and pure protection product group saw the biggest decline in complaints received by firms in the second half of 2021. There were 770,000 complaints in the period, compared to 890,000 in the first half of last year.

Broken down, here are the complaints figures for insurance and pure protection:

Product

H2 2021 complaints

H1 2021 complaints

Assistance

30,313

31,336

General insurance packaged multi products

9,083

10,045

Income protection and other accident, sickness, and unemployment

3,210

4,081

Medical/health

69,749

83,504

Motor & transport

218,048

200,840

Other general insurance

216,438

297,652

Other pure protection

8,150

1,055

Payment protection insurance

16,378

56,620

Pet

21,192

23,088

Property

86,204

90,366

Protection packaged multi products

363

331

Travel

16,178

17,081

Warranty

52,091

44,330

Whole of life / term assurance / critical illness

23,991

26,532

Overall, there were 1.84 million complaints received across financial services in H2 2021. Volumes-wise, current accounts (under the banking and credit cards product group) remained at the top of the pile with 526,609 complaints. Motor & transport and other general insurance landed in second and third spot, respectively.      

Source

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