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Insurance: Coronavirus

Question for Treasury

UIN 912041, tabled on 4 February 2021

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.

Answered on

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.

Answered by

Treasury
Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.