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Insurance: Floods

Question for Treasury

UIN 56679, tabled on 15 October 2021

To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 September 2021 to Question 49075 on Insurance: Floods, whether the Coronavirus Job Retention Scheme is classed as a saving in a Business Interruption claim.

Answered on

22 October 2021

The Financial Conduct Authority (FCA) is the independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA’s rules require insurers to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed.

Insurers should calculate claims payments due to the policyholder in accordance with the terms and conditions of the relevant policy.

Policyholders who feel that their claim has not been handled fairly may be able to refer the matter to the Financial Ombudsman Service, an independent body set up to provide arbitration in such cases.

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