The entire common insurance coverage distribution compensation prices the Monetary Companies Compensation Scheme paid out dropped to £600,000 within the 12 months ended 31 March 2024, from £2m the 12 months prior.
The typical compensation went down from £2,694 to £2,250 throughout the intervals.
The FSCS acquired half the variety of new claims within the dealer class in comparison with 2022/23 with 314. It famous there have been 276 claims upheld, falling from 623 the 12 months earlier than. The uphold price held regular at 65% (68% in 2022/23).
RelatedFSCS dealer pot compensation prices drop to £2m FSCS confirms zero levy for brokers in 2024/25 A small worth to pay.
No levies had been raised for the final insurance coverage distribution class as
Solely customers who’ve a paid subscription or are a part of a company subscription are capable of print or copy content material.
To entry these choices, together with all different subscription advantages, please contact info@insuranceage.co.uk.
Copyright Infopro Digital Restricted. All rights reserved.
You could share this content material utilizing our article instruments. As outlined in our phrases and situations, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised Person might solely make one copy of the supplies for their very own private use. You will need to additionally adjust to the restrictions in clause 2.5.
If you want to buy extra rights please e-mail info@insuranceage.co.uk
