Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 16 March 2023 to Question 162259 on Travel: Insurance, whether his Department has taken recent steps with (a) insurers and (b) the regulator to help increase access to (i) suitable and (ii) affordable insurance for all people.

Ensuring that everyone has access to suitable and affordable financial products and services is a priority for this Government. Last year, the Government published its Financial Inclusion Report 2021-22 which sets out the steps Government has taken to widen access to useful and affordable financial services for all, including insurance.

For example, in addition to the FCA signposting rules mentioned in my previous response, the Government has also worked with industry on wider issues around improving access to insurance, including other signposting initiatives. For instance, the Age Agreement, which we will review this year, offers support for older consumers struggling to access motor and travel insurance.

The FCA has also taken steps to ensure fairer outcomes for all motor and home insurance customers. As of 1 January 2022, insurers cannot charge renewing customers a higher price than they would pay if they were a new customer purchasing via the same channel.