While the insurance sector may be facing criticism from those outside the industry over issues like business interruption claims relating to the COVID-19 pandemic, one chairman believes the industry has “stood up manfully”.
Association of Medical Insurers and Intermediaries (AMII) chairman Stuart Scullion (pictured), was referring specifically to the private medical insurance industry when he spoke at the association’s AGM – its first virtual meeting in 22 years. In particular, he heaped praise on insurers and cash plan providers for “standing up to the task” of enhancing benefits and ensuring products deliver value. He also noted a range of financial support measures that have been introduced for struggling businesses.
“I believe our insurers and cash plan providers have stood up manfully to the tasks and challenges posed by the current circumstances we find ourselves in,” he said.
“They have continued to ensure that products deliver value and have supported those businesses and consumers who need them most.”
In addition, Scullion took the opportunity to reiterate his call for Insurance Premium Tax to be zero-rated in line with other long-term products – believing it could help ease the strain on the NHS.
“With the NHS taking the frontline strain of the coronavirus, it has fallen to independent private hospitals to step in and support routine and ongoing NHS treatments,” he said. “That situation cannot prevail indefinitely.
“At some stage the Government is going to have to increase tax revenues in order to re-build our economy. Timing will be crucial, and I expect tax increases to be phased to ensure the recovery does not stall.
“As has been evidenced by recent events, a strong private health sector delivers invaluable benefits, and reduces the strain on an already over-stretched NHS.”
Scullion’s term of office was extended by a further year, alongside four members of the executive committee.
