Anna Soubry asks a question on Motor Insurance Premiums

Anna Soubry: To ask the Secretary of State for Transport what steps his Department takes to monitor trends in motor insurance premiums; and if he will make a statement.

Mike Penning: The setting of insurance premiums is a matter for the insurers based on a commercial decision. The Office for National Statistics (ONS) collects data on family expenditure on vehicle taxation and insurance costs, but this Department does not separately monitor premiums.

I welcome the recent Transport Select Committee’s report on “The cost of motor insurance” and agree with their conclusions on the importance of this issue and the need to look at a range of ways of reducing costs. The Department for Transport will need time to fully consider and formally respond to the report. A seminar to discuss the issues with key interested parties is being planned.

Click Here to read the extract from Hansard