Rejected petition Establish Insurance Watchdog - Limit Insurer Profit

Establish a car insurance watchdog body with 'teeth' which limits the rampant growth of insurer profit, ensuring that consumer costs are minimised. A good start would be such that insurance does not exceed 25% of car value.

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Insurance has gotten to the point, particularly for younger generations, that it inhibits them from leading a normal life via travel. This reduces economic activity and reduces spending, with no tangible benefits bar Insurer shareholders receiving dividends. Not only is it morally unfair and deplorable, it is economically nonsensical for the British Government.

This petition was rejected

Why was this petition rejected?

We can't publish petitions when the request is something that's already happening or something that has been announced since you started your petition.

We think your petition is covered by Government or Parliament action already. If you'd like something else, you could start a new petition clearly explaining what it is.

The Financial Conduct Authority is the regulator for the insurance industry and acts as the 'watchdog'. You can find out more about their work here: https://www.fca.org.uk/

We only reject petitions that don’t meet the petition standards.

Date submitted 3 November 2024
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