The UK’s Financial Conduct Authority (FCA) is consulting on proposed rules to address poor-value general insurance products.

Its reforms would require the industry to report general insurance value measures to the regulator for publication.

The consultation proposes that insurers use this data to determine if products offer customer value as required under current rules.

“We have identified poor product value as a key area of harm in this market,” Executive Director of Strategy and Competition Christopher Woolard said.

“The proposals... aim to increase competition on product value, which will benefit businesses and consumers.”

The consultation follows a successful value measures pilot for four products – home, home emergency, personal accident and key cover – launched in 2016.

“The pilot has had a positive impact in the market,” the FCA says. “It has improved transparency and awareness of a common set of measures of product value, helping companies to assess the value of their products and make improvements.”