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As you'd expect, the FCA hasn't put an exact number on what is and what isn't an acceptable claims ratio. The best guide we have is from CP15/13, their consultation about General Insurance Add-ons published in 2015. In it they state "We observed some very low ratios", and then go on to give examples of claims ratios between 10% - 29%. From this, it seems that the FCA think that any claims ratio below 30% is "very low".