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Insurance sector must play part in helping businesses recover from COVID19 - Archibald

9 April, 2020 - by Caoimhe Archibald

Sinn Féin MLA Caoimhe Archibald has said the financial services industry including the insurance sector must play their part in supporting businesses recover from the impact of COVID19.

The party's economy spokesperson said:

"I recently wrote to the Finance Minister, as well as the Economy Minister, the British Chancellor and the Financial Conduct Authority in relation to insurance companies refusing to pay out to businesses impacted by COVID19 and specifically those insured against pandemics or business interruption.

"I welcome the response from the Finance Minister that he has raised this issue with both the Treasury and stakeholders in the insurance industry.

"The Treasury has confirmed that for those businesses that do have a policy for insurance that covers pandemics, that the government's action to shut businesses is sufficient to allow them to make an insurance claim against their policy.

"While the Executive has no powers in relation to the insurance sector, significant steps have been taken by the Executive to support businesses including through the rating system with the three month rates holiday and also the Small Business Support Grant Scheme which offers £370 million in cash grants to SME businesses.

"I welcome assurances from the Minister that the Executive will continue to look at additional measures to support businesses during this difficult time and that he will continue to call on Treasury and the financial services industry to play their full part in helping businesses recover from the devastating impacts of COVID19." 

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