The Chair of the Treasury Select Committee Mel Stride MP has written to the ABI regarding the industry response to the Coronavirus outbreak.
In response to the letter, an ABI spokesperson has said:
“We are addressing the questions raised, and will be responding to the Committee. The insurance industry recognises this is a very difficult and worrying time, and insurers are doing all it can to help and support customers. This includes travel insurers expected to make record payouts of £275 million to people who have had their travel plans ruined by coronavirus, industry commitments to ensure fair and prompt service standards to customers, including waiving the requirement to inform your insurer if using your car for volunteering and ensuring drivers are not penalised following suspension of vehicle MOT testing.
“This is an unprecedented challenge and no country in the world offers extensive pandemic insurance to business. Governments need to work with insurers on solutions to this global issue. Insurance to cover all pandemics would be too expensive for most firms to afford. Millions of firms, large and small, rely on insurers to protect them against the day to day risks like fire, flood, and workplace injuries, on which insurers pay out over £22 million every day to help UK businesses continue trading.”
The ABI has issued an initial response to the Committee on Friday 27 March, which can be found below.