Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will have discussions with the Association of British Insurers on reducing insurance premiums for households.

Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.

Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. The Government does not intend to intervene in these commercial decisions as this could damage competition in the market.

However, the Government is determined that insurers should treat customers fairly. The Financial Conduct Authority 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). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.