"That was according to Fairer Finance, which said in a statement yesterday (29 January 2024) that motor excess protection, personal accident cover and home emergency cover could be called out by the regulator this year.

The firm made the prediction after the FCA said guaranteed asset protection (Gap) products may be failing to provide fair value.

As a result, in September last year, the regulator gave firms producing this type of add-on insurance a three-month ultimatum – take immediate action, or it will intervene."

InsuranceTimes Jan 31st 2024

Some of the carriers that have reported adverse loss ratios over the last 12 months rely on products like these to bolster margins. Time to get back to viable pricing, offering products that customers really prefer-  with optimal user experience.