Reinsurance (Acts of Terrorism) Act 1993

Wednesday 13th February 2019 Written Statements

[The Economic Secretary to the Treasury (John Glen)]

In a written statement on 22 March 2018 [HCWS579], I informed Parliament that the Government intended to amend the Reinsurance (Acts of Terrorism) Act 1993 to enable the Government’s agreement with Pool Re, the terrorism reinsurer, to be expanded to include business interruption losses that are not contingent on damage to commercial property. This was achieved with Royal Assent of the Counter-Terrorism and Border Security Act on 12 February 2019. This demonstrates the Government’s commitment to ensuring that businesses can continue to secure insurance against the financial costs of terror attacks, and that Pool Re can maintain its position as an example world-leading partnership between Government and the insurance sector.

[HCWS1329]