Target Market and Product Fair Value Statements
Page last updated: 01/08/23
The Financial Conduct Authority (FCA), in its Policy Statement (PS21/5) has introduced new rules on general insurance pricing practices (GIPP) and these became effective on 1 October 2021 and 1 January 2022. We explain here how Aro Underwriting, as a product manufacturer / co-manufacturer, intends to fulfil the requirements on demonstrating product value.
Aro are committed to improving outcomes for policyholders and have in place processes to assess risk and value. Provided below is information about our products. This information includes, but is not limited to, details on the intended markets of the products and their Fair Value Assessments (see below).0
Allied World Assurance Company Europe (dac)
Brit Syndicate 2987
Legal Protection Group Limited
ERGO UK Specialty Limited
Fair Value Assessments
Fair Value Assessments for products are undertaken by Aro on a regular basis, to ensure that our products continue to offer value for money to the intended policyholders, and that they perform as expected.
The categories for fair value assessment are per Aro Product Approval Template (APAT) below.
Costs in Our Distribution Chain
To ensure oversight of the distribution chain, Aro also compile and review information relating to fees (and other charges) charged by brokers on Aro products which they distribute.
We require support from all brokers in providing us with information on fees and other costs that are associated on our products.
Please see below link to our Fair Value Form, which we require to be completed and returned to us via email to: