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Written Questions are submitted by MPs or Lords to receive information from a Department.
|18 Sep 2017, 11:09 a.m.||Business: Terrorism||Neil Coyle|
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 (Steve Barclay)
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.