Subject Predicate Object
XlvrKG5e
a
Resource
Answer
Written answer
answer has question
5UrUnE3r
answer has answering person
John Philip Glen
answer text
<p>It is important that consumers have access to suitable insurance products at the right price. The government remains in regular discussion with the insurance industry and other interested parties, including the Financial Conduct Authority (FCA), on the provision of insurance in the UK.</p><p> </p><p>Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.</p><p> </p><p>The Government does not intend to intervene in the commercial decisions of insurers as this could damage competition in the market. The respective capabilities of insurers to assess risk is a key element on which they compete. This competition is important and should lead to better products and lower prices for consumers overall.</p><p>In addition, on 31st October 2018 the FCA announced the details of a market study into the pricing practices used by insurers. The market study will give the FCA a deeper understanding of the scale of any harm to consumers from insurance pricing practices, who it affects and, if required, what actions are required to improve the market. The FCA expects to release its interim report in Summer 2019.</p><p> </p><p>Consumers are encouraged to shop around for the most suitable cover at the best price. The charity Unlock provides support specifically for those with previous convictions in accessing insurance services and can be found at <a href="http://www.unlock.org.uk/" target="_blank">www.unlock.org.uk</a>.</p>
answer given date
answer has answering body
HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
XlvrKG5e
answering body has answer
XlvrKG5e
5UrUnE3r
question has answer
XlvrKG5e
John Philip Glen
answering person has answer
XlvrKG5e