Ms Lockhart has highlighted how drivers in northern Ireland face even higher premiums than other parts of the UK and young people in particular are being driven off the road due to insurance costs.
Welcoming today’s announcement she said, “I am pleased that the Government is finally taking steps to address the spiralling costs that drivers face. This has been an ongoing issue in Northern Ireland, where premiums have long been disproportionately high compared to the rest of the UK. This is action that I have been calling for and in February this year the Minister responding to my debate also referenced action from the Financial Conduct Authority.
The competitive market study lunched by the FCA will hopefully see action on premiums but can help ensure people have confidence that the price they pay is fair and competitive. This, allied with the Government's willingness to engage with industry experts and consumer representatives is a positive step towards finding solutions.”
She added, “While the free market largely dictates insurance terms and prices, there is still a role for Government and regulators to ensure that competition functions effectively and that consumers are protected from unfair practices. This engagement must lead to meaningful reforms that will lower costs for drivers, especially those in areas like Northern Ireland where premiums have become unmanageable for many.
I will remain closely involved in this process, ensuring that the voices of drivers in Northern Ireland are heard and that the Government follows through with measures that will provide genuine relief to motorists. We need swift and effective action to bring premiums down, and I will continue to advocate for fairer outcomes for my constituents.”