Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a price cap on insurance premiums for elderly drivers.

Insurers make commercial decisions about the pricing of insurance based on their assessment of the likelihood and expected cost of a claim. The Government does not intervene in these commercial decisions by insurers as this could damage competition in the market.

The Financial Conduct Authority (FCA) is the independent regulator and responsible for supervising the insurance industry. The FCA have introduced several reforms, including the Consumer Duty rules, to ensure consumers are treated fairly in regard to pricing.

In 2012, the Government agreed the Age Agreement with the insurance sector. This signposts older consumers struggling to access motor insurance to specialist providers.