Motor Insurance
The question
To ask the Secretary of State for Transport, what progress her Department has made on (a) reducing insurance costs for drivers and (b) the cross-Government motor insurance taskforce.
Answered by Lilian Greenwood
This Government is committed to tackle the high costs of motor insurance. The cross-Government motor insurance taskforce, launched in October, is comprised of ministers from relevant government departments and the Financial Conduct Authority and Competition and Markets Authority. The taskforce is supported by a separate stakeholder panel of industry experts representing the insurance, motor, and consumer sector.
This Taskforce has a strategic remit to set the direction for UK Government policy, identifying short- and long-term actions for departments that may contribute to stabilising or reducing premiums. It will look at the increased insurance costs on consumers and the insurance industry, including how this impacts different demographics, geographies, and communities.
The Government will provide updates in due course.
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