Insurance: Coronavirus

Treasury written question – answered on 13th October 2020.

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Photo of Lord Hayward Lord Hayward Conservative

To ask Her Majesty's Government what plans they have to provide joint coverage with insurers to ensure adequate insurance provision for individuals and businesses planning events in 2021 which will enable them to start incurring costs for these events during the COVID-19 pandemic.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The Government is in continual dialogue with the insurance sector on its response to this unprecedented situation. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses in time of need, and how the insurance market delivers the support firms need as the economy reopens.

The Government is exploring all options to ensure businesses can build resilience following the outbreak of COVID-19. We encourage businesses encountering financial difficulty as a result of this unprecedented situation to review the initiatives in the Government’s support package, such as Coronavirus Business Interruption Loan Scheme, for which the application window has been extended to 30 November, and businesses rates holidays. We have taken steps to make our schemes deliverable, fair and targeted at those who need it the most. We continue to keep the Government support package under close review.

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