Motor Insurance: Young People
The question
To ask the Secretary of State for Transport, pursuant to her Answer on 9 December to UIN 17876 on motor insurance - young people, how many meetings of the cross-government motor insurance taskforce have taken place; and what progress has been made in reducing motor insurance premiums.
Answered by Lilian Greenwood
We are committed to tackling the increased costs of motor insurance, to deliver on our manifesto commitment.
As set out in my previous response, the Taskforce, including the Stakeholder Panel, met for the first time on 16th October. The Taskforce is currently exploring short- and long-term actions for departments that may contribute to stabilising or reducing premiums, while maintaining appropriate levels of cover.
As it takes this work forwards, the Taskforce will continue to work closely with the independent Financial Conduct Authority (FCA) and the Competition and Markets Authority. The FCA has launched a market study into the premium finance market and is undertaking work to analyse the cause of increased claims costs in the motor insurance market.
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