Imran Hussain – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Imran Hussain on 2016-06-20.

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to reduce the costs of insurance for motor vehicles.

Harriett Baldwin

The Insurance Fraud Taskforce was set up by Government in January 2015 to make recommendations to reduce insurance fraud, ultimately lowering costs for consumers. In January 2016, the Taskforce published 26 recommendations for industry, regulators and others, including 6 for Government. A Written Ministerial Statement was published on 26 May 2016 to announce that the Government accepts each of the recommendations addressed to it.

The Chancellor also announced in his 2015 Autumn Statement that the government intends to introduce measures to end the right to cash compensation for minor whiplash injuries. This will remove over £1 billion from the cost of providing motor insurance and the government expects the insurance industry to pass on to consumers an average saving of £40 to £50 per motor insurance policy.