Source · Select Committees · Treasury Committee
Recommendation 27
27
Acknowledged
We are concerned about the implications of the pandemic for insurance, given that businesses will...
Conclusion
We are concerned about the implications of the pandemic for insurance, given that businesses will need the confidence that insurance cover provides if they are to resume normal activities. (Paragraph 184) 58 Economic impact of coronavirus: the challenges of recovery
Government response summary AI-generated
The government acknowledged concerns about pandemic insurance cover, stating HM Treasury is working closely with insurers, trade bodies, and regulators to understand how the sector can help businesses and to learn lessons for potential future pandemics, while monitoring solvency.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
On your suggestion regarding pandemic insurance cover, HM Treasury is working closely with insurers, trade bodies and the regulators to understand what more the sector can do to help businesses and support the immediate economic recovery, as well as to learn lessons for potential future pandemics. HM Treasury also remains in close contact with the Prudential Regulation Authority following the test case judgement to monitor the solvency of the insurance sector and will take all necessary steps to maintain financial stability.
Read the full response on Parliament ↗