Speaking afterwards the DUP Infrastructure spokesperson said,
“Insurance costs across the UK have increased, but this is particularly acute in Northern Ireland. The costs of car insurance in particular are becoming prohibitive for many, especially younger drivers.
The FCA launched a competitive market study which will play a role, but it is also very important that Northern Ireland receives attention within the national taskforce overseen by the Transport Secretary.
Ideally the free market should be able to deliver a fair and competitive market, but there is a role for Government and regulators to ensure the market is functioning properly. Ultimately motorists want to see solutions that bring down the price of insurance they face. I’ll continue to work with colleagues as this process continues. I look forward to further engagement and the outcome of FCAs review.”