Pool Re: Events Industry

Treasury written question – answered on 9th November 2020.

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Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

To ask the Chancellor of the Exchequer, whether he has instructed Pool Reinsurance Company Limited to discuss with representatives of the insurance industry the matter of insurance for live events during the covid-19 outbreak.

Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

To ask the Chancellor of the Exchequer, whether his Department has authorised Pool Reinsurance Company Limited to engage with representatives of the insurance industry on potential solutions to the current lack of available insurance for live events during the covid-19 outbreak.

Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

To ask the Chancellor of the Exchequer, if his Department will facilitate discussions between Pool Reinsurance Company Limited and representatives of the insurance industry on potential solutions to the challenges facing the live events sector as a result of the covid-19 outbreak.

Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with representatives of the insurance industry on the matter of insurance for live events in response to the covid-19 outbreak.

Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with live events insurers on the lack of available contingency insurance during the covid-19 outbreak.

Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale

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.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

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.

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