Written Question·Treasury·UIN 118290

Insurance: Artificial Intelligence

Tabled: 5 March 2026

Answered: 11 March 2026

Question

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

Lucy Rigby

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...

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