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Insurance: Coronavirus

Question for Treasury

UIN 99722, tabled on 6 October 2020

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a Government-backed covid-19 insurance scheme for the events industry.

Answered on

13 October 2020

The Government is in continual dialogue with the insurance sector on its response to this unprecedented situation. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses in time of need, and how the insurance market delivers the support firms need as the economy reopens.

The Government is exploring all options to ensure businesses can build resilience following the outbreak of COVID-19. We encourage businesses encountering financial difficulty as a result of this unprecedented situation to review the initiatives in the Government’s support package, such as Coronavirus Business Interruption Loan Scheme, for which the application window has been extended to 30 November, and businesses rates holidays. We have taken steps to make our schemes deliverable, fair and targeted at those who need it the most. We continue to keep the Government support package under close review.

Any potential further insurance interventions will be assessed on a case by case basis; officials continue to gather and monitor information on how event providers are being affected by the current crisis and the availability of cover.

Answered by

Treasury