Insurance: Coronavirus

(asked on 28th September 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what support the Government is providing to the contingency insurance sector to help ensure the viability of contingency insurance market during the covid-19 outbreak.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 6th October 2020

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.

Any potential further insurance interventions will be assessed on a case by case basis; officials continue to gather and monitor information on how event providers are being affected by the current crisis and the availability of cover.

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