Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the impact of increased (a) car and (b) home insurance on the cost of living.

Insurers make commercial decisions about the pricing of insurance based on their assessment on 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. The FCA can and does act in appropriate cases where firms are breaching its rules.