Travel: Insurance

(asked on 29th September 2020) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what steps they are taking to ensure insurance companies compensate those whose holidays were cancelled as a result of the COVID-19 pandemic.


Answered by
 Portrait
Lord Agnew of Oulton
This question was answered on 13th October 2020

The Government is in continual dialogue with the insurance sector to understand and influence its response to this unprecedented situation. The Government is encouraging insurers to do all they can to support customers during this difficult period.

The independent conduct regulator for the insurance industry – the Financial Conduct Authority (FCA) has published guidance for firms handling consumer claims, including travel insurance claims, during the COVID-19 crisis.

The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim; not reject a claim unreasonably; and settle claims swiftly once settlement terms are agreed. In addition to this, the FCA has stated that, in light of the COVID-19 crisis, insurers must carefully consider the needs of their customers and show flexibility in their treatment of them. The Government is working closely with the FCA to ensure that these rules are being upheld, and supports the regulator in its role.

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