Insurance: Artificial Intelligence
Commons · Question 118290 · Tabled 5 Mar 2026 · Treasury · Official record
Answered 11 Mar 2026
Question
Asked by Helen Morgan
To ask the Chancellor of the Exchequer, what steps her Department is taking to help ensure transparency in the insurance industry's use of algorithmic and AI pricing models.
Answer
Answered by Lucy Rigby, 11 Mar 2026
The government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for...