AQW 4392/17-22

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 01/06/2020
Answered On Date: 09/06/2020
Priority Written: No

Question:
To ask the Minister of Finance to confirm what discussions he has had with HM Treasury and the Financial Conduct Authority to address the rising cost of business insurance when so many Northern Ireland companies have been unable to claim for loss of business from their business insurance; and what protections will be introduced to ensure the insurance industry will provide policies across the whole of the U.K. including Northern Ireland.

Answer:

I fully appreciate the concerns of businesses who have purchased insurance policies with the understanding that these would have covered them for the current interruption to their business, and who have seen their premiums rise while not being able to make a claim for the losses that have been incurred.

My department has been in contact with Treasury and the insurance industry throughout the current crisis to highlight the concerns of policyholders here. While the Executive have no powers in this sector, I will continue to call on the Treasury, its regulatory authorities, and the financial services industry to play their full part in treating businesses fairly and helping them in recovering from the devastating impacts of COVID-19.