IFSAPPG Chair Craig Tracey MP responds to the Supreme Court BI test case judgement
As the Chair of the Insurance and Financial Services All-Party Parliamentary Group (IFSAPPG), I welcome the Supreme Court’s judgement, which now brings clarity to parties on both sides of the issue.
This pandemic has had a disastrous effect on our society, our way of life and our economy, so today’s ruling will bring an end to such a difficult period for people across the country.
Despite the challenges people have faced, I want to reiterate a point I have made before that business interruption insurance remains a crucial product for many SMEs. A wide variety of risks that would otherwise threaten the survival of a business, including fire and flood, are protected by it.
The Association of British Insurers announced that the insurance industry expects to pay out over £1.8bn in Covid-19 related claims across a range of products, including business interruption policies. They have also reassured customers who have made claims that are affected by the test case, that they will be contacted by their insurer to discuss what the judgment means for their claim; indeed, this process may have already begun.
The IFSAPPG will continue to do its part in engaging with businesses, insurance representatives and the government to ensure a sustainable route forward is taken.
