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1643477
registered interest false more like this
date less than 2023-06-09more like thismore than 2023-06-09
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Small Businesses: Insurance more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, whether he has made an estimate of the average increase in insurance premiums for small businesses in the last two years; and what assessment he has made of the impact of increases in insurance premiums on small businesses. more like this
tabling member constituency Ceredigion more like this
tabling member printed
Ben Lake more like this
uin 188765 remove filter
answer
answer
is ministerial correction false more like this
date of answer remove filter
answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-giftsand-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-giftsand-overseas-travel</a>.</p><p>Under the independent Financial Conduct Authority’s (FCA) rules, insurers are required to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. The FCA has also outlined that all deductions from business interruption insurance settlements should be assessed on a case-by-case basis as policies differ significantly. The FCA may intervene and take further actions where firms do not appear to be meeting their expectations.</p><p> </p><p>Policyholders who feel that their claim has not been handled fairly may be able to refer the matter to the Financial Ombudsman Service, an independent body set up to provide arbitration in such cases.</p><p> </p><p>The information requested on business insurance premiums is not held. The Government works closely with the FCA and insurers to support businesses who are under pressure from the rising cost of living. The Government recognises the impact of increased costs on small businesses and has taken unprecedented action to protect millions of businesses, including the Recovery Loan Scheme, which has been extended until June 2024, cutting business rates by 75% for eligible retail, hospitality and leisure businesses in 2022-23, support via the Energy Bill Relief Scheme, and increasing the Employment Allowance to £5,000.</p>
answering member constituency Arundel and South Downs more like this
answering member printed Andrew Griffith more like this
grouped question UIN
188763 more like this
188764 more like this
question first answered
less than 2023-06-14T14:04:03.627Zmore like thismore than 2023-06-14T14:04:03.627Z
answering member
4874
label Biography information for Andrew Griffith more like this
tabling member
4630
label Biography information for Ben Lake more like this