Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to help ensure affordable insurance premiums for owners of thatched homes.

Insurers make commercial decisions about the terms and price on which they offer cover based on their assessment of the relevant risks. The Government does not generally intervene in these commercial decisions.

The Government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value and has a statutory objective to promote effective competition in the interests of consumers. The FCA has robust powers to take action where firms do not comply with its rules.

The Government recommends that consumers shop around to find the most suitable cover at the best price. For consumers seeking insurance for specialist risks, such as thatched properties, the British Insurance Brokers’ Association may be able to help identify insurers and brokers with relevant expertise.