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Motor Insurance
16 October 2024
Type
Written Ministerial Statement
Department
Department for Transport
At a Glance
Issue Summary
Louise Haigh is addressing rising motor insurance premiums in the UK, which have increased at higher rates compared to other economies.
Action Requested
Haigh announces the co-chairing of a new cross-Government Taskforce on motor insurance with the Economic Secretary to the Treasury. The taskforce will identify factors contributing to premium increases and develop short-term and long-term actions to stabilise or reduce costs while maintaining appropriate cover levels.
Key Facts
- Motor insurance premiums have risen at higher rates in the UK than other comparable economies.
- The Taskforce includes ministers from several departments, FCA, CMA, industry representatives, consumer champions and relevant groups.
- Specific focus on ethnic minorities, low-income earners, elderly, and young drivers.
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