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Business: Insurance

Question for Treasury

UIN HL6763, tabled on 13 July 2020

To ask Her Majesty's Government, further to the Written Answer by Lord Agnew of Oulton on 4 June (HL4757), what plans they have to ensure that there is sufficient provision of business interruption cover for businesses in event of any future pandemic, given that such cover can no longer be purchased in the commercial market.

Answered on

22 July 2020

Ideally all firms would be able to purchase the insurance products they need on a market basis, but the Government recognises that in some exceptional circumstances that may not be possible.

The Government welcomes ideas for how insurance can build resilience and access insurance in future, noting the new risks and challenges from the outbreak of COVID-19. We will be assessing all proposals in due course.

Answered by

Treasury