Fair Value Assessments | Brit Insurance


Product Oversight and Governance: Target Market Statements and Fair Value Assessments

The FCA Product Intervention and Product Governance Sourcebook Chapter 4 (PROD4) and Insurance Distribution Directive (IDD) regulatory rules, require Product Manufacturers to share information about their products with their Distributors. This includes information about the intended Target Market and the outcome of Fair Value Assessments.

To meet our product governance obligations, Brit have completed a review of all of our products distributed to UK policyholders in scope of the rules (bespoke products, contracts of large risk and reinsurance are excluded). The reviews are completed at product level and include consideration of both quantitative and qualitative MI. This includes but is not limited to; complaints, claims volumes, claims loss ratios, claims declinatures, cancellation rates and reasons, commission and fee information, premium information and a review of point of sale documentation. The products are subject to approval from our Product Oversight Group. Products distributed to overseas policyholders are not in scope of PROD 4.

The outcomes of these product reviews and their intendent target market with our distributors, are available below. These documents will be updated once the assessments have been signed off by our Product Oversight Group.

Please note:

  • The content provided below is only intended for our distributors and is not intended to replace policy details contained in individual policy documentation.  It also does not include full terms and conditions of the Insurance contract and should not be used to compare Policy Coverage.
  • The assessments are completed at least annually at product level, or more frequently where required.
  • Each product summary details when the assessment was completed and when the next assessment should be expected.
  • Ancillary products are offered by third parties and are separate from Brit's offering.
  • Remuneration details and specific data cannot be shared, as it is commercially sensitive information.
  • If you have any questions regarding the product approvals and Fair Value Assessments, please refer any communications to your Brit representative.

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