Motor Vehicles: Insurance:Written question - 20350

Q
(Hammersmith)
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Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 16 December 2015
HM Treasury
Motor Vehicles: Insurance
Commons
To ask Mr Chancellor of the Exchequer, by what mechanism any savings made by insurance companies as a result of a change to the small claims limit for soft tissue road traffic accident injuries will be passed on to policyholders.
A
Answered by: Harriett Baldwin
Answered on: 05 January 2016

The pricing of insurance products is a commercial matter for individual insurers in which the Government does not seek to intervene. The motor insurance market is intensely competitive and the Government therefore expects that the insurance industry will pass on savings to consumers.


Some insurers have already committed to pass on all savings to consumers as a result of the proposed changes.


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