The Government announced its intention to unite industry experts, consumer champions and regulators to form a taskforce to tackle the ongoing issue of spiralling car insurance costs.
The Transport Secretary and the Economic Secretary to the Treasury will bring together industry groups such as the Association of British Insurers (ABI), Citizens Advice, Which? and Compare the Market, as well as insurance regulators.
The decision comes as motor insurance premiums have increased by an average of 21% since June 2022, according to analysis by the Financial Conduct Authority. The taskforce pledges to identify factors behind the causes of the cost increase, as well as agree solutions to keep the cost of insurance under control.
The creation of the taskforce is in line with the Labour Party’s pre-election manifesto commitment to act on the high costs of insurance for drivers. Despite the announcement’s positive intentions, however, there are underlying concerns regarding the Credit Hire industry.
The inclusion of motor insurers to the taskforce investigating the high cost of motor insurance has introduced concern of a skewed outcome, and previous taskforces created for this purpose resulted in criticism of Credit Hire and whiplash, instead of focusing on the real issues for the increase of costs – such as inflation, rising car thefts and pothole-riddled roads.
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