PARLIAMENTARY WRITTEN QUESTION
Insurance: Coronavirus (29 September 2020)

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 outbreak on the (a) functioning of the contingency insurance market and (b) ability of that market to provide sufficient support to the live events sector to enable that sector to plan for events to take place in 2021.

Asked by:
David Mundell (Conservative)

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, including for the contingency insurance sector, 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. As part of this monitoring, the Government is open to receiving representations from (a) the insurance industry and (b) the Let Live Thrive campaign.

Answered by:
John Glen (Conservative)
6 October 2020