Context
The Treasury Committee has asked consumers to submit their views and experiences of the insurance industry since the pandemic to inform its questioning of sector leaders.
Key points to note
MPs on the cross-party Committee will use the views of consumers in their questioning of industry leaders on Wednesday 7th June, with the Committee likely to explore the impact of inflation on insurance premiums, the conduct of insurers when handling claims, and the size of insurance pay-outs. The MPs are also likely to examine whether firms are making excess profits, competitiveness within the industry, and the regulatory environment. Commenting ahead of the session, Harriett Baldwin MP, Chair of the Treasury Committee, said: “Insurers provide a vital service, protecting our most prized possessions from theft, loss and damage. However, we’ve heard anecdotal evidence in recent months of premiums rising faster than inflation, insurers refusing to pay out, and difficulties in making claims.
As a Committee, we’d like to hear from consumers on their experiences of the insurance industry since the pandemic. We’ll use these to inform our evidence session on the health and competitiveness of the insurance market with industry bosses next month.”
Evidence Session takes place on Wednesday 7th June at 2.15pm, Houses of Parliament
Next actions
None – for information and awareness.