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Insurance Companies: Compensation

Department for Business, Energy and Industrial Strategy written question – answered on 19th March 2020.

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Photo of Fleur Anderson Fleur Anderson Labour, Putney

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with the insurance sector on extending compensation for individuals affected by covid-19-related cancellations not covered by their insurance policy.

Photo of Nadhim Zahawi Nadhim Zahawi Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Government is well prepared for this type of outbreak. We will continue to take all necessary precautions, such as engaging with key industry partners and employer organisations, to understand the potential effect of Covid-19 on workers and to discuss their preparedness planning. The Secretary of State is frequently communicating with Business Representative Organisations and businesses, including the Association of British Insurers, to gain intelligence on Covid-19’s impacts and share the latest guidance and information with them.

On 17 March, the Government announced unprecedented support for businesses and workers to protect against the economic emergency caused by Covid-19. This includes unlimited loans and guarantees to support firms and help them manage their cashflows through this period. The Government will also make an initial £330 billion of guarantees available – equivalent to 15% of UK GDP.

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