Will the First Minister provide an update following the Welsh Government’s meeting with the Association of British Insurers on 23 April 2020?
The meeting was very productive and a range of issues were discussed, including repurposing of facilities to house vulnerable people. The ABI agreed to look in to cases where insurers have refused to agree to repurposing requests. We have reached out to local authorities and businesses and are gathering examples to feed back to the ABI.
I wrote to the ABI expressing concerns about the position taken by insurance companies with regard to business interruption insurance. Insurers’ standard 30-day occupancy condition was extended to 60 following the country-wide lockdown. Insurers stated this condition will be kept under review if the lockdown situation is further extended.
I was pleased to see the Financial Conduct Authority has recently announced it intends to seek legal clarity about business interruption insurance to resolve doubt for businesses who are facing uncertainty on their claims. More information is available at: https://www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance
Regular meetings are planned and we will continue to work closely with the ABI.