Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the increase of insurance premiums for motor vehicles and dwellings.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. Currently premiums are being affected by specific economic factors that are increasing the cost of claims, such as the rising cost of replacement parts and materials. The Government does not generally intervene in these decisions as this could damage competition in the market.

However, the Government is determined that insurers treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).

On 16 October, the FCA announced a package of work in the insurance market amid concerns about rising prices. This includes a market study on premium finance – a form of credit that allows insurance customers to spread the upfront annual cost of their premium – for both home and motor insurance products.

On the same day, the Government launched a cross-Government taskforce on motor insurance. 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.

Question to the Department for Environment, Food and Rural Affairs:

To ask His Majesty's Government what actions they are taking to reach agreement with the European Union on the issue of veterinary medicine supplies for Northern Ireland.

Answered by Baroness Hayman of Ullock - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)

A grace period arrangement for veterinary medicines remains in place until the end of 2025 and provides for the continuity of supply to Northern Ireland. Maintaining availability of veterinary medicines to Northern Ireland after the end of 2025 is a priority. This Government continues to progress work on this issue as quickly as possible and engage with the agricultural and pharmaceutical industries to fully understand the potential impacts.

The Veterinary Medicines Working Group, including experts, industry representatives and elected representatives, was also re-established to advise the Government on this matter.