Correspondence
Treatment of government grant support schemes in business interruption insurance settlements: Letter from the Economic Secretary to the Treasury to the Association of British Insurers
A response from HM Treasury to the letter sent by the Association of British Insurers regarding the practice of insurers deducting the value of government grants from business interruption insurance settlements.
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The Economic Secretary to the Treasury has written to the Director General of the Association of British Insurers (ABI), Huw Evans, outlining HM Treasury’s expectation that the value of government grant schemes intended to support businesses during the Covid-19 pandemic should not be deducted from business interruption insurance settlements. This is in response to a letter from the ABI which gives a commitment from many of its members not to make such deductions, which can be found on the ABI website.