The Treasury Committee has written to the ABI, asking for information to help understand how the insurance industry is responding to coronavirus and to FCA’s guidance. The letter asks:
- how many members have ceased to offer products – with detail of what type of product and how many;
- how many members have changed the terms of a product – again with detail of what type of product and how many, and whether during its term, at renewal or at initial purchase;
- for examples of how policies that have been changed have in fact changed;
- details for each week’s product sales since the beginning of the year, aggregated and provided by type of cover, and whether at renewal or initial custom;
- how firms have communicated general market changes and specific policy issues, such as changes in when exclusions can be called upon, to both current and potential policyholders;
- for an estimate of how much firms expect to pay out for coronavirus-related business disruption;
- what approach ABI members are taking in respect of business interruption insurance, in light of the government announcements on the effective moment of business closure;
- what members are doing about coverage to businesses for costs relating to Covid-19 and where they may be flexible about coverage; and
- the implications of the use by the NHS of private hospital facilities and staff on private health insurance policies.
While recognising the challenges in providing the data, the letter asks for responses as quickly as possible, suggesting separate letters on separate questions may be feasible.