Insurance Company Collapse Compensation
Published / Last Updated on 28/11/2024
Insurance companies that are authorised by the Financial Conduct Authority (FCA) with most but not all policyholders protected from firm collapse by the Financial Services Compensation Scheme (FSCS).
The levels of compensation paid by the FSCS on insurance company collapse varies depending upon the type of insurance policy as follows:
100% Compensation Payable
- Third party motor insurance
- Employer’s liability insurance
- Whole of life insurance
- Term life insurance
- Annuities (after 2015)
90% Compensation Payable
- First party motor insurance
- Pet insurance
- Travel insurance
- Home insurance
- Dental insurance
- Health insurance
- Property insurance
Zero Compensation Payable
- Goods in Transit insurance
- Marine insurance
- Aviation insurance
- Credit insurance
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- What does the FSCS cover? https://www.fscs.org.uk/what-we-cover/
- FSCS ‘Investments’ https://www.fscs.org.uk/what-we-cover/insurance/
