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Insurance: Business

Question for HM Treasury

UIN HL2677, tabled on 30 October 2017

To ask Her Majesty's Government what assessment they have made of how insurance premiums have affected how businesses have determined their investment plans.

Answered on

6 November 2017

The Financial Conduct Authority (FCA) is responsible for monitoring and regulating the insurance industry. They set the conduct standards required of insurance firms, which aims to ensure consumers are treated fairly and have fair access to affordable insurance products.

If it becomes clear that intervention is necessary, the FCA is able to do so. For example, in April 2017 the FCA took action on the practice of insurers increasing premiums at renewal.

Answered by

Treasury