Information correct as of October 2026.

The Financial Conduct Authority (FCA), through Policy Statement PS21/5, introduced rules relating to general insurance pricing practices and product governance.

Gallagher supports initiatives that improve outcomes for policyholders. We have an established framework for conducting periodic product assessments, using factual indicators to evaluate product risk and value.

The relevant FCA rules came into effect on 1 October 2021 and 1 January 2022. As an FCA-authorised firm, you will be familiar with the requirements that apply to your business, particularly those relating to your sales processes and any responsibilities you may have as a price-setting intermediary. This page explains how Gallagher meets the requirements that apply to us as a product Co-manufacturer, particularly those concerning product value.

It also provides guidance and supporting resources for firms distributing Gallagher products. These include:

  • Target Market Statements, which explain the intended target market and sales population for each product.
  • Fair Value Assessments, which summarise the work undertaken by Gallagher to assess whether our products provide fair value to customers.

Fair Value Assessments

Gallagher has identified that it acts as the Co-manufacturer for a limited number of products. We have completed Fair Value Assessments for these products to provide assurance that:

  • The products continue to offer fair value to customers within the intended target market.
  • The products perform in line with policyholders' reasonable expectations.
  • There are no identified factors that could materially reduce or dilute the value provided to customers.

Each assessment considers relevant product information, including:

  • The nature and purpose of the product.
  • The coverage, benefits and exclusions.
  • The intended target market.
  • The product pricing structure.
  • The remuneration paid to Gallagher and other distributors, taking account of the services provided.
  • The expected value of the product over a reasonably foreseeable period.
  • Relevant indicators that may suggest the product is not providing fair value, including complaints, claims experience and sales information.

We have completed Fair Value Assessments for the products listed below.*

Although we have not published the assessments in full, we have provided a summary of the work undertaken and the high-level conclusions reached for your information.

Target Market Statements

Where we are product co-manufacturers or hold co-manufacturing responsibilities, we are required to supply information about the intended target markets for Gallagher products. We have produced a series of Target Market Statements relating to our product groups, which can be found below.

Please note that our Target Market Statements are only intended to provide an indicative summary of the target market for a product and are not intended to be a detailed summary of coverage. They are not intended to be shared with policyholders. Please refer to the relevant policy documentation for full details of the coverage provided.

We have completed the following Target Market Statements**.

**We will be adding additional target market statements to this page if / when we complete them.

If you can't see a Fair Value Assessment or Target Market Statement above you require, or if any detail is unclear, please notify us at uk.specialty.productgovernance@ajg.com.