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.
9 February 2021
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.