Cars: Insurance

Ministry of Justice written question – answered on 25th April 2017.

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Photo of George Howarth George Howarth Labour, Knowsley

To ask the Secretary of State for Justice, how many insurance companies market car insurance products in the UK; and which of those insurance companies have declared that they will hand back £40 savings specified by the Government from personal injury reforms to customers in the form of lower premiums.

Photo of Oliver Heald Oliver Heald The Minister of State, Ministry of Justice

The Ministry of Justice does not hold information on the number of insurance companies that market car insurance products in the UK.

Leading insurers have publicly committed to pass on savings from the Government’s reforms to consumers through lower premiums, with Axa, Aviva and LV= committing to passing on 100%. Motor insurance is intensely competitive and insurance companies will have little choice but to pass on the savings or risk being priced out of the market. The Government will monitor the industry’s reaction and will consider further action if required.

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