Personal Injury: Compensation

(asked on 24th May 2018) - View Source

Question to the Ministry of Justice:

To ask the Secretary of State for Justice, what plans his Department has to monitor insurance premium cost changes made as a result of provisions in the Civil Liabilities [HL] Bill.


Answered by
 Portrait
Rory Stewart
This question was answered on 7th June 2018

Motor insurance is intensely competitive on price and the Government expects that insurance companies will have little choice but to pass on savings, or risk being priced out of the market. Insurance providers covering 84% of the UK motor and liability market have already publicly committed to pass on to consumers the savings arising from Government reforms.

The Government will continue to closely monitor the industry’s reaction to these reforms following implementation and will regularly engage with them on how they are meeting their commitment. In addition, if the industry in part, or as a whole sought to avoid passing on savings the Financial Conduct Authority and/or the Competition and Markets Authority would investigate and take appropriate action.

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