MINISTERS GATHER EXPERTS TO TACKLE SPIRAL IN DRIVING COSTS – FCA says motor insurance premiums have increased by 21%
The Transport Secretary, Louise Haigh, and Economic Secretary to the Treasury, Tulip Siddiq, will bring together industry groups and consumer champions such as the Association of British Insurers, Citizens Advice, and insurance regulators to tackle spiralling costs of car insurance today
According to the Financial Conduct Authority (FCA), motor insurance premiums have grown by an average of 21% since June 2022, – far higher than Germany, France, Spain and Italy – with the government reaffirming its manifesto commitment to act on increasing consumer costs, which stunt the economy and prevent growth.
A new cross-government motor insurance taskforce, supported by industry experts, will also be launched by the Transport Secretary and Economic Secretary to the Treasury today to help drive down the high costs of car insurance.
The task force will identify the factors behind rapidly rising premiums and will agree on solutions to keep costs under control.
Transport Secretary, Louise Haigh, said direct action is being taken to bring insurance companies and regulators round the table to discuss how to crack down on spiralling costs.
