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Written Question on Business: Terrorism

Written Questions are submitted by MPs or Lords to receive information from a Department.


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Date Title Questioner
20 Feb 2018, 5:28 p.m. Business: Terrorism Neil Coyle

Question

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the adequacy of terrorism insurance in compensating businesses after an act of terror.

Answer (John Glen)

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.

That said, I understand the concerns that businesses have raised about terrorism insurance cover for business interruption losses that are not linked to damage to commercial property and want to do everything we can to help. The Treasury remains in discussions with the insurance industry, Pool Re and other interested parties to ensure that the Act continues to enable appropriate terrorism cover to be available for all businesses in the UK.

We are actively exploring options, including legislation, to address this and will confirm our next steps in due course.


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