I am today announcing that the government intends to legislate as soon as parliamentary time allows to amend the Reinsurance (Acts of Terrorism) Act 1993. This amendment will enable an extension of the cover provided by the government-backed terrorism reinsurer Pool Re to include business interruption losses that are not contingent on damage to commercial property. I will announce further details in due course.
This government remains committed to ensuring that businesses can continue to secure insurance against the financial costs of terror attacks.
This statement has also been made in the House of Lords