Insurers to help customers with general and protection insurances

Tuesday 19th May 2020

Insurers to help customers with general and protection insurances

The Financial Conduct Authority (FCA) has told insurers that from today (18 May) they must help customers with general and protection insurance policies, who are struggling with payments because of the effects of the coronavirus pandemic. The move, which had been expected to come into force on Wednesday 13 May, means insurers are expected to allow policyholders to defer costs temporarily, while keeping cover in place on car, home, travel, private medical, life, income protection and accident and sickness policies, to name a few.

On confirming the raft of measures, the regulator also clarified that the end date for requesting payment holidays will be 18 August. The regulator has also told insurers they must ensure that all customers of general and protection policies, not just those suffering financially because of COVID-19, are getting real value for money during the pandemic. These two moves, outlined on 1 May, come amid growing concern that although some providers have stepped forward to offer payment help, refund premiums or offer policy adjustments for car, home and private medical insurance customers, others have not been proactive in doing so. 

 

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