To ask the Chancellor of the Exchequer, what information his Department holds on what assessment Pool Reinsurance Company Limited has made of the challenges facing live events insurers during the covid-19 outbreak; and what recommendations that company has made to his Department as a result of that assessment.
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.