Force insurance companies to disclose exact reasons why premiums increase yearly

Rejected 10 signatures

What the petition asks

The cost of insurance has increased buy over 50% overall in 12 months to (June 2023). There needs to be clear and transparent way for consumers to understand why their insurance has increased and the insurance companies to breakdown where rises in costs are for motorists.

For years insurance goes up without clear understanding as to why (Charts/Figures) or the exact reasons for it going up to the individual. More so random references to the cost of claims going up to the companies but no detail on why. There needs to be a breakdown to what exactly pushes up premiums published monthly. The Prudential Regulatory Authority (PRA) needs to investigate if there is widespread market fixing similar to the London Interbank Offered Rate (LIBOR) fixing scandal in 2012.

Why it was rejected

It was not clear what the petition asked the UK Government or Parliament to do.

Petitions need to call on the Government or Parliament to take a specific action.

It's not clear if you want insurance companies to be required to advise customers why their premiums have increased if and when they renew an annual contract, or if you want insurance companies to be required to publish information about insurance premium costs on a monthly basis.

You could start a new petition explaining clearly what you would like the Government or Parliament to do.

We have published the following petition, which you might like to sign:

Establish a Commission to investigate extortionate Car Insurance price rises: Establish a Commission to investigate extortionate Car Insurance price rises

Timeline

24 Oct 2023	Petition opened for signatures
8 Nov 2023	Rejected by the Petitions Committee

Key facts

Signatures 10

Status Rejected

Rejected 8 Nov 2023

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