Home Insurance
The question
To ask the Chancellor of the Exchequer, whether she has made a comparable estimate of trends in the level of home insurance paid by homeowners with (a) mortgages and (b) no mortgages.
Answered by Emma Reynolds
Treasury Ministers and officials have regular meetings with a wide variety of organisations, including insurers and financial regulators, on an ongoing basis.
The Government has not made an assessment. Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.
However, the Government is committed to ensuring that insurers treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules.
The FCA is the independent body responsible for regulating and supervising the financial services industry. The FCA requires firms to ensure their products offer fair value. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.
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