Motor Vehicles: Insurance

(asked on 13th March 2024) - View Source

Question to the Ministry of Justice:

To ask the Secretary of State for Justice, with reference to his Department's press release entitled Over £1 billion savings for motorists as whiplash reforms come into force, published on 31 May 2021, what estimate he has made of the average saving on motor insurance in each of the last three years.


Answered by
Mike Freer Portrait
Mike Freer
Parliamentary Under-Secretary (Ministry of Justice)
This question was answered on 18th March 2024

Part 3 of the Civil Liability Act 2018 (the Act) requires motor insurers in England and Wales to provide the Financial Conduct Authority (FCA) with data on savings arising from its provisions and on how they have been passed on to policy holders. The Act also requires that a report on the savings made must be completed and laid before Parliament by no later than 1 April 2025. The data gathering phase has been completed and the FCA are now working with HM Treasury officials to prepare a report which will be published in line with statutory deadlines.

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