Motor Vehicles: Insurance:Written question - 20373

Q
(Hammersmith)
[N]
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Named Day

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Asked on: 16 December 2015
HM Treasury
Motor Vehicles: Insurance
Commons
To ask Mr Chancellor of the Exchequer, whether his Department plans to use any of its statutory regulatory powers to ensure that there is the reduction in the cost of car insurance referred to in paragraph 1.143 of the Spending Review and Autumn Statement 2015.
A
Answered by: Harriett Baldwin
Answered on: 18 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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