Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that people affected by climate damage have equitable access to insurers.

The Government recognises the risks that climate change may pose to the insurance market. HM Treasury continues to work with the insurance industry, regulators and across government to understand and monitor the potential impacts of increasing climate-related risks.

Insurers make commercial decisions about pricing and the terms of cover they offer based on their assessment of the relevant risks. However, the government is determined that insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry and has powers to take action against firms that do not meet its requirements.

Different insurers may take different views of risk when determining whether to offer insurance and at what price. Consumers may wish to contact the British Insurance Brokers’ Association, which can provide guidance on accessing the insurance market and help consumers find specialist brokers where appropriate.