Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what plans his Department has to update the 1993 Reinsurance Act and the process of certifying terror attacks.

If there have been insurance claims made on Pool Re after a terror attack, Pool Re must notify the Treasury. Following this notification, the Treasury has 21 working days to certify if the event constituted an act of terrorism under the 1993 Reinsurance Act.

The Treasury has followed this process and responded within the 21 day period in certifying 3 terrorist attacks in 2017. The Treasury follows an established legal process to do this, recognising the urgency of responding to requests and treating this as a matter of priority.

We remain in discussion with the insurance industry, Pool Re and other interested parties to make sure that the 1993 Reinsurance Act continues to enable appropriate terrorism cover to be available for businesses in the UK.