The Financial Conduct Authority (FCA) has today said it will pilot a publication of general insurance scoreboards on a small number of products to allow consumers to compare deals.
The regulator said the scheme would boost competition and improve the performance of products.
Christopher Woolard, director of strategy and competition at the FCA, said: "We believe that publishing a range of information will help to boost competition between firms, encouraging them to focus on improving the value and performance of their products, while giving stakeholders and consumers more insight into the value they offer."
The FCA will collect data from firms and publish it in "an easily accessible format" on its website. The scoreboard will show how often consumers are likely to claim on a product, how likely those cases are to be accepted and the average payout.
James Dalton, director of general insurance policy at the Association of British Insurers (ABI), said the measures proposed by the FCA were similar to those recommended by the ABI.
"We will examine this proposal in detail and work with the FCA going forward. In doing so we must ensure the high level of competition in the market continues, and that publishing this firm specific data does not risk misleading consumers with irrelevant information," he said.
It's important that buying insurance is not just about getting the cheapest price in the quickest time possible, but about ensuring people have the right product for their circumstances."
The FCA's decision to launch the scoreboard came after a study in July 2014 about the general insurance add-ons market, which showed "competition was not working well" for many consumers.
The study found there was "little competitive pressure" on firms and identified poor value in both add-on and some stand-alone products.
The pilot will launch in summer 2016. It will last for approximately 12 months and include two publications of the data - one at the start and one at the end of the pilot.