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The Treasury should consider whether Government intervention is required to support the insurance industry in...
Conclusion
The Treasury should consider whether Government intervention is required to support the insurance industry in finding a solution for pandemic insurance cover; and whether such support would be an effective use of public money. We also recommend that the Treasury investigates whether it needs to mitigate the risk of insolvencies in the insurance sector, should the Court’s ruling find in favour of policyholders.
Paragraph Reference
185
Government Response
Acknowledged
Government Response
Acknowledged
HM Government
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.
Source
Committee
Treasury Committee
Inquiry
Economic impact of coronavirus
Report
Eighth Report: Economic impact of coronavirus: the challenges of recovery
11 Sep 2020
HC 271
Addressee Bodies
HM Treasury
Timeline
Recommendation age
5.7 yrs
Report published
11 Sep 2020