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Written question asked by Neil Coyle (Labour) on Friday, 8 September 2017, in the House of Commons. It was due for an answer on Tuesday, 12 September 2017. It was answered by Steve Barclay (Conservative) on Monday, 18 September 2017 on behalf of the Treasury.

Business: Terrorism

Question

To ask Mr Chancellor of the Exchequer, if he will make it his policy to introduce legislation to update the Reinsurance (Acts of Terrorism) Act 1993 to enable insurance companies to pay compensation to businesses after terrorism attacks when there is no damage to property.

Answer

There is nothing in current legislation in the Reinsurance (Acts of Terrorism) Act 1993 that prevents insurers from offering terrorism insurance beyond property damage to businesses, and indeed such products exist on the market.

It is up to businesses to decide what risks they would like to be insured against, and for insurers to assess the extent of the risks they are willing to cover. The Government does not generally intervene in these commercial decisions by businesses and insurers.

That said, we remain in discussions with the insurance industry, Pool Re and other interested parties to ensure that the 1993 Reinsurance Act continues to enable appropriate terrorism cover to be available for all businesses in the UK.

I am due to meet the Honourable Member shortly and I am happy to discuss his questions in further detail.

Secondary information

Type
Written question
Reference
9695
Session
2017-19
Grouped for answer
Yes
Subjects
Business Insurance Terrorism
Legislation
Reinsurance (Acts of Terrorism) Act 1993
Link
View this Written question on www.parliament.uk