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Insurance: Coronavirus

Treasury written question – answered on 27th April 2020.

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Photo of Patrick Grady Patrick Grady SNP Chief Whip

To ask the Chancellor of the Exchequer, what discussions he has had with the insurance industry on implementing an insurance premium holiday period for people affected by the covid-19 outbreak.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is in continual dialogue with the insurance sector about its contribution to handling this unprecedented situation.

The Government recognises that the outbreak of COVID-19 may lead to consumers facing financial difficulty and uncertainty. The Government is working closely with the financial sector and financial regulators in order to ensure they take coordinated steps in support of the Government’s economic response to COVID-19.

To help consumers who are facing temporary cash flow problems as a result of the COVID-19 outbreak, there are several measures that have been introduced across wider financial services. On 17 March, the Chancellor announced on behalf of the sector that mortgage lenders will offer a three month ‘mortgage holiday’ for borrowers in financial difficulty.

In addition, on 14 April, the Financial Conduct Authority implemented proposals to give its regulated firms the flexibility to provide temporary financial relief to those facing payment difficulties during the COVID-19 pandemic. The measures include firms being expected to offer a temporary payment freeze on loans and credit cards for up to three months, for consumers negatively impacted by COVID-19.

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