Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will instruct the Financial Conduct Authority to investigate pricing in the insurance market.

Insurers make commercial decisions about the price and terms of cover they offer based on their assessment of the relevant risks.

However, 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 (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).

The FCA monitors firms to ensure they provide products that offer fair value and has robust powers to act against firms that fail to comply with its rules.