What assessment she has made of the potential implications for her Department's polices of recent trends in levels of car insurance premiums.
This Government committed in its manifesto to tackle the high costs of motor insurance. To deliver on this commitment, the UK Government has formed a cross-government Taskforce on motor insurance, co-chaired by the Department for Transport and His Majesty’s Treasury, which met for the first time on 16th October. The Taskforce is comprised of ministers from relevant government departments and by the Financial Conduct Authority and Competition and Markets Authority. The Taskforce is supported by a separate Stakeholder Panel of industry experts representing the insurance, motor, and consumer sector. This Taskforce has a strategic remit to set the direction for UK Government policy, identifying short- and long-term actions for departments that may contribute to stabilising or reducing premiums, while maintaining appropriate levels of cover. It will evaluate the impact of increased insurance costs on consumers and the insurance industry, including how this impacts different demographics, geographies, and communities.