This article was written by Anna Davis.
In the light of the FCA’s communication of its expectations to insurance firms, the Treasury Committee has written to the ABI to request the following information:
- How many ABI members have ceased to offer a product since the onset of the crisis? How many products and what type?
- How many ABI members have changed the terms of a product (i) while it is in force (ii) at renewal (iii) at initial purchase?
- How many policies by type have been sold on a weekly basis since 1 January 2020?
- How have firms communicated to customers, both current and potential, how things have changed in the market, and where exclusions, or changes in when policies can be called upon, have also changed?
- How much, in aggregate, do ABI firms expect to pay out for business disruption in the face of the Coronavirus?
- What approach is being taken in respect of business interruption insurance, given the government’s recent announcements concerning the effective moment of the requirement for businesses to close?
- What approach are ABI members taking regarding the provision of cover for the costs to business relating to COVID-19 and where there may be some flexibility shown in respect of this element of potential cover?
- Given that the NHS has secured an agreement to use private hospital facilities and staff, what are the implications for the cover that firms are able to provide to individuals with private health insurance policies?