Insurance: Coronavirus

Treasury written question – answered on 9th February 2021.

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Photo of Christine Jardine Christine Jardine Liberal Democrat Spokesperson (International Trade), Liberal Democrat Spokesperson (Exiting the European Union), Liberal Democrat Spokesperson (Treasury)

To ask the Chancellor of the Exchequer, if he will take steps to ensure that businesses' insurance claims relating to the effects of the covid-19 outbreak are settled in a timely manner.

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

The Financial Conduct Authority (FCA) rules require insurers to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. The FCA has said that, in light of COVID-19, insurers must consider very carefully the needs of their customers and show flexibility in their treatment of them.

The Government is working closely with the FCA to ensure that the rules are being upheld during this crisis and fully supports the regulator in its role.

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